Pinnacle Financial Partners Inc Has $5.03 Million Stake in AutoZone, Inc. $AZO

Pinnacle Financial Partners Inc reduced its stake in AutoZone, Inc. (NYSE:AZO) by 67.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,172 shares of the company’s stock after selling 2,433 shares during the period. Pinnacle Financial Partners Inc’s holdings in AutoZone were worth $5,028,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in AZO. Vanguard Group Inc. boosted its position in AutoZone by 0.6% in the second quarter. Vanguard Group Inc. now owns 1,771,004 shares of the company’s stock valued at $6,574,374,000 after buying an additional 11,142 shares in the last quarter. Laurel Wealth Advisors LLC lifted its stake in shares of AutoZone by 371,123.0% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock valued at $3,472,724,000 after acquiring an additional 935,230 shares during the last quarter. State Street Corp boosted its holdings in shares of AutoZone by 1.6% during the 2nd quarter. State Street Corp now owns 714,091 shares of the company’s stock valued at $2,650,870,000 after acquiring an additional 11,088 shares in the last quarter. Geode Capital Management LLC grew its position in AutoZone by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 444,671 shares of the company’s stock worth $1,649,228,000 after acquiring an additional 8,187 shares during the last quarter. Finally, PineStone Asset Management Inc. increased its holdings in AutoZone by 3.9% in the 2nd quarter. PineStone Asset Management Inc. now owns 281,693 shares of the company’s stock worth $1,045,709,000 after purchasing an additional 10,456 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Guggenheim reduced their price target on AutoZone from $4,600.00 to $4,400.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Truist Financial reduced their target price on shares of AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Erste Group Bank cut shares of AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, October 31st. Roth Capital reiterated a “buy” rating and set a $4,650.00 price target (down previously from $4,750.00) on shares of AutoZone in a report on Wednesday, December 10th. Finally, Morgan Stanley reduced their price objective on shares of AutoZone from $4,700.00 to $4,000.00 and set an “overweight” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,264.12.

Insider Buying and Selling

In related news, SVP K. Michelle Borninkhof sold 300 shares of AutoZone stock in a transaction on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the sale, the senior vice president owned 416 shares of the company’s stock, valued at approximately $1,570,400. This trade represents a 41.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brian Hannasch purchased 147 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were acquired at an average price of $3,393.09 per share, with a total value of $498,784.23. Following the purchase, the director directly owned 962 shares in the company, valued at $3,264,152.58. This represents a 18.04% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 347 shares of company stock worth $1,179,256 and sold 647 shares worth $2,280,423. 2.60% of the stock is currently owned by company insiders.

AutoZone Trading Up 1.6%

NYSE:AZO opened at $3,520.15 on Friday. The stock has a market capitalization of $58.33 billion, a price-to-earnings ratio of 24.55, a PEG ratio of 1.68 and a beta of 0.42. The firm has a fifty day simple moving average of $3,601.54 and a two-hundred day simple moving average of $3,851.21. AutoZone, Inc. has a 12 month low of $3,202.13 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. AutoZone’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $32.52 EPS. Equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has approved a share repurchase program on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.