Highland Capital Management LLC Has $3.58 Million Stock Holdings in AutoZone, Inc. (NYSE:AZO)

Highland Capital Management LLC lowered its position in shares of AutoZone, Inc. (NYSE:AZO) by 16.8% in the first quarter, HoldingsChannel reports. The fund owned 1,137 shares of the company’s stock after selling 230 shares during the period. Highland Capital Management LLC’s holdings in AutoZone were worth $3,583,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of AZO. International Assets Investment Management LLC boosted its position in AutoZone by 232,194.6% during the 4th quarter. International Assets Investment Management LLC now owns 731,728 shares of the company’s stock worth $1,891,963,000 after acquiring an additional 731,413 shares during the last quarter. Norges Bank acquired a new position in AutoZone during the 4th quarter worth approximately $678,350,000. Parnassus Investments LLC boosted its position in AutoZone by 32.0% during the 4th quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock worth $629,780,000 after acquiring an additional 58,989 shares during the last quarter. Nordea Investment Management AB boosted its position in AutoZone by 42.6% during the 4th quarter. Nordea Investment Management AB now owns 195,084 shares of the company’s stock worth $501,512,000 after acquiring an additional 58,234 shares during the last quarter. Finally, PineStone Asset Management Inc. boosted its position in AutoZone by 28.0% during the 4th quarter. PineStone Asset Management Inc. now owns 214,979 shares of the company’s stock worth $555,852,000 after acquiring an additional 47,027 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on AZO shares. Truist Financial reduced their price target on AutoZone from $3,523.00 to $3,394.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. Wedbush reiterated an “outperform” rating and set a $3,200.00 price objective on shares of AutoZone in a research note on Wednesday. Barclays dropped their price objective on AutoZone from $3,100.00 to $3,024.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Morgan Stanley dropped their price objective on AutoZone from $3,100.00 to $3,038.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 22nd. Finally, Evercore ISI dropped their price objective on AutoZone from $3,278.00 to $3,275.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $3,112.71.

Insider Transactions at AutoZone

In related news, VP Jenna M. Bedsole bought 36 shares of AutoZone stock in a transaction dated Thursday, May 23rd. The shares were bought at an average cost of $2,757.10 per share, with a total value of $99,255.60. Following the acquisition, the vice president now owns 36 shares in the company, valued at approximately $99,255.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is currently owned by insiders.

AutoZone Stock Performance

AZO traded up $38.93 during trading hours on Friday, reaching $2,920.83. The company’s stock had a trading volume of 110,918 shares, compared to its average volume of 122,951. AutoZone, Inc. has a 52 week low of $2,375.35 and a 52 week high of $3,256.37. The company’s 50-day moving average is $2,872.40 and its 200-day moving average is $2,880.28. The firm has a market cap of $49.89 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 1.46 and a beta of 0.71.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $35.67 by $1.02. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.29 billion. AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. AutoZone’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $34.12 EPS. Equities analysts anticipate that AutoZone, Inc. will post 151.57 earnings per share for the current fiscal year.

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.