Summit Asset Management LLC Sells 67 Shares of AutoZone, Inc. (NYSE:AZO)

Summit Asset Management LLC lowered its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 2.6% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,517 shares of the company’s stock after selling 67 shares during the period. AutoZone comprises about 1.5% of Summit Asset Management LLC’s portfolio, making the stock its 17th biggest holding. Summit Asset Management LLC’s holdings in AutoZone were worth $7,929,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital Performance Advisors LLP bought a new position in shares of AutoZone in the 3rd quarter valued at $36,000. Meeder Asset Management Inc. boosted its stake in shares of AutoZone by 50.0% during the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after purchasing an additional 5 shares in the last quarter. Carolina Wealth Advisors LLC bought a new stake in shares of AutoZone during the third quarter worth about $47,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of AutoZone during the second quarter worth about $50,000. Finally, ORG Partners LLC acquired a new position in shares of AutoZone in the second quarter valued at approximately $50,000. 92.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AZO shares. UBS Group boosted their target price on shares of AutoZone from $3,340.00 to $3,500.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. The Goldman Sachs Group downgraded AutoZone from a “buy” rating to a “sell” rating and decreased their price objective for the company from $3,205.00 to $2,917.00 in a report on Monday, October 14th. Guggenheim lifted their target price on AutoZone from $3,225.00 to $3,350.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Redburn Atlantic upgraded AutoZone to a “strong-buy” rating in a research report on Tuesday, October 1st. Finally, Evercore ISI raised their price objective on AutoZone from $3,300.00 to $3,350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,202.71.

AutoZone Price Performance

Shares of AZO opened at $3,161.87 on Thursday. AutoZone, Inc. has a one year low of $2,510.00 and a one year high of $3,256.37. The company has a market cap of $53.44 billion, a PE ratio of 21.12, a P/E/G ratio of 1.61 and a beta of 0.71. The stock has a 50-day moving average of $3,112.53 and a 200-day moving average of $3,021.55.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing the consensus estimate of $53.31 by ($5.20). AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The firm had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter in the prior year, the firm earned $46.46 EPS. The company’s revenue was up 9.0% compared to the same quarter last year. Analysts expect that AutoZone, Inc. will post 158.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other AutoZone news, VP John Scott Murphy sold 1,580 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the sale, the vice president now directly owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Chairman William C. Rhodes III sold 13,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total transaction of $40,392,950.00. Following the transaction, the chairman now directly owns 13,857 shares of the company’s stock, valued at $43,055,777.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John Scott Murphy sold 1,580 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the transaction, the vice president now owns 1,218 shares in the company, valued at approximately $3,785,166.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,880 shares of company stock worth $46,225,660. Insiders own 2.10% of the company’s stock.

AutoZone Company Profile

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.