Weaver Capital Management LLC Decreases Stake in AutoZone, Inc. (NYSE:AZO)

Weaver Capital Management LLC cut its stake in shares of AutoZone, Inc. (NYSE:AZO) by 2.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,112 shares of the company’s stock after selling 30 shares during the quarter. AutoZone makes up approximately 1.1% of Weaver Capital Management LLC’s portfolio, making the stock its 19th biggest position. Weaver Capital Management LLC’s holdings in AutoZone were worth $4,242,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AZO. Headlands Technologies LLC purchased a new stake in AutoZone during the 4th quarter worth about $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of AutoZone during the 4th quarter worth about $32,000. Harbour Investments Inc. lifted its stake in AutoZone by 42.9% during the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock worth $32,000 after purchasing an additional 3 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new stake in AutoZone during the fourth quarter worth approximately $45,000. Finally, MV Capital Management Inc. boosted its holdings in AutoZone by 128.6% in the first quarter. MV Capital Management Inc. now owns 16 shares of the company’s stock valued at $61,000 after purchasing an additional 9 shares in the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AZO. Guggenheim raised their price objective on shares of AutoZone from $3,850.00 to $4,100.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Bank of America raised shares of AutoZone from a “neutral” rating to a “buy” rating and increased their target price for the company from $3,900.00 to $4,800.00 in a research report on Wednesday, May 21st. Oppenheimer raised shares of AutoZone from a “market perform” rating to an “outperform” rating and set a $4,600.00 price target for the company in a research report on Friday, May 2nd. Argus downgraded shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $4,072.24.

AutoZone Stock Performance

Shares of AZO opened at $3,644.12 on Friday. The stock has a market capitalization of $61.15 billion, a P/E ratio of 24.66, a P/E/G ratio of 2.15 and a beta of 0.40. AutoZone, Inc. has a 1 year low of $2,801.49 and a 1 year high of $3,916.81. The company’s fifty day moving average is $3,698.71 and its two-hundred day moving average is $3,521.61.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share for the quarter, missing the consensus estimate of $37.07 by ($1.71). The firm had revenue of $4.46 billion during the quarter, compared to analysts’ expectations of $4.41 billion. AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $36.69 EPS. Sell-side analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Philip B. Daniele sold 2,000 shares of the company’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $3,800.01, for a total transaction of $7,600,020.00. Following the transaction, the chief executive officer now directly owns 163 shares of the company’s stock, valued at $619,401.63. This represents a 92.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Domingo Hurtado sold 4,800 shares of the firm’s stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $3,660.00, for a total transaction of $17,568,000.00. Following the completion of the sale, the vice president now owns 159 shares of the company’s stock, valued at $581,940. This trade represents a 96.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,912 shares of company stock worth $136,901,262. Company insiders own 2.10% of the company’s stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.