Highland Capital Management LLC Raises Stake in AutoZone, Inc. (NYSE:AZO)

Highland Capital Management LLC lifted its position in shares of AutoZone, Inc. (NYSE:AZOGet Rating) by 167.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,156 shares of the company’s stock after buying an additional 724 shares during the quarter. Highland Capital Management LLC’s holdings in AutoZone were worth $2,484,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in shares of AutoZone during the fourth quarter worth about $27,000. Riverview Trust Co purchased a new stake in shares of AutoZone during the first quarter worth about $27,000. Tcwp LLC purchased a new stake in shares of AutoZone during the first quarter worth about $30,000. Kings Point Capital Management purchased a new stake in shares of AutoZone during the first quarter worth about $31,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of AutoZone during the fourth quarter worth about $36,000. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on AZO shares. MKM Partners started coverage on shares of AutoZone in a report on Thursday, June 23rd. They issued a “buy” rating and a $2,350.00 target price for the company. Jefferies Financial Group boosted their target price on shares of AutoZone from $2,350.00 to $2,450.00 and gave the company a “buy” rating in a report on Tuesday. Stifel Nicolaus restated a “buy” rating and issued a $2,450.00 target price on shares of AutoZone in a report on Thursday. Wedbush boosted their target price on shares of AutoZone from $2,250.00 to $2,350.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Morgan Stanley raised shares of AutoZone from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $2,125.00 to $2,420.00 in a research report on Thursday, June 16th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $2,356.53.

Insider Transactions at AutoZone

In other news, CEO William C. Rhodes III sold 2,958 shares of the company’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $2,206.33, for a total transaction of $6,526,324.14. Following the completion of the transaction, the chief executive officer now owns 15,935 shares in the company, valued at $35,157,868.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Domingo Hurtado sold 395 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $2,217.53, for a total value of $875,924.35. Following the completion of the sale, the vice president now owns 362 shares of the company’s stock, valued at $802,745.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William C. Rhodes III sold 2,958 shares of the company’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $2,206.33, for a total transaction of $6,526,324.14. Following the completion of the sale, the chief executive officer now directly owns 15,935 shares of the company’s stock, valued at approximately $35,157,868.55. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

AutoZone Trading Down 1.0 %

NYSE AZO opened at $2,082.64 on Friday. The stock has a market cap of $40.59 billion, a P/E ratio of 17.72, a PEG ratio of 1.50 and a beta of 0.78. The company’s fifty day simple moving average is $2,185.96 and its 200-day simple moving average is $2,096.21. AutoZone, Inc. has a 52 week low of $1,634.34 and a 52 week high of $2,362.24.

AutoZone (NYSE:AZOGet Rating) last posted its quarterly earnings results on Monday, September 19th. The company reported $40.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $38.38 by $2.13. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $5.16 billion. AutoZone had a net margin of 14.95% and a negative return on equity of 79.74%. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $35.72 earnings per share. On average, research analysts expect that AutoZone, Inc. will post 123.67 EPS for the current fiscal year.

About AutoZone

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AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs.

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Institutional Ownership by Quarter for AutoZone (NYSE:AZO)

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