Key Points
- AutoZone CFO Jamere Jackson sold 6,900 shares for about $22.9 million at an average price of $3,319.71, leaving him with 496 shares—a 93.29% reduction in his holdings.
- AutoZone shares were reported down 2.8%; the company’s latest quarterly revenue rose 5.6% year over year to $6.59 billion but fell short of analyst estimates.
- Analysts maintain a consensus “Moderate Buy” rating and an average price target of $3,674.36, while institutional investors and hedge funds own 92.74% of the stock.
AutoZone, Inc. (NYSE:AZO - Get Free Report) CFO Jamere Jackson sold 6,900 shares of the stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $3,319.71, for a total value of $22,905,999.00. Following the sale, the chief financial officer owned 496 shares of the company's stock, valued at approximately $1,646,576.16. This represents a 93.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.
AutoZone Trading Down 2.8%
AZO stock opened at $3,217.76 on Friday. AutoZone, Inc. has a 1 year low of $2,730.65 and a 1 year high of $3,996.25. The stock has a 50-day moving average price of $2,992.64 and a two-hundred day moving average price of $3,255.16. The stock has a market cap of $51.77 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 1.68 and a beta of 0.37.
AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $55.51. The business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.70 billion. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. AutoZone's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $48.71 earnings per share. On average, analysts forecast that AutoZone, Inc. will post 170.30 earnings per share for the current fiscal year.
Hedge Funds Weigh In On AutoZone
Several hedge funds have recently bought and sold shares of the business. Benchmark Investment Advisors LLC acquired a new position in AutoZone in the 2nd quarter valued at about $713,000. CYBER HORNET ETFs LLC lifted its position in AutoZone by 33,193.5% during the 2nd quarter. CYBER HORNET ETFs LLC now owns 15,315 shares of the company's stock valued at $48,946,000 after acquiring an additional 15,269 shares during the period. Nykredit A S bought a new position in shares of AutoZone in the 2nd quarter worth approximately $27,287,000. Bank of America Corp DE purchased a new stake in AutoZone in the 2nd quarter worth $233,576,000. Finally, Engineers Gate Manager LP boosted its holdings in AutoZone by 923.1% during the 2nd quarter. Engineers Gate Manager LP now owns 1,238 shares of the company's stock valued at $3,957,000 after acquiring an additional 1,117 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have weighed in on AZO. Wells Fargo & Company lowered their price objective on AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating on the stock in a report on Thursday, September 10th. Mizuho dropped their price objective on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 23rd. Citigroup cut their price target on AutoZone from $3,700.00 to $3,450.00 and set a "buy" rating on the stock in a research note on Monday, September 14th. UBS Group set a $3,850.00 price target on AutoZone in a research report on Wednesday, September 23rd. Finally, Robert W. Baird decreased their price objective on shares of AutoZone from $3,600.00 to $3,400.00 and set a "neutral" rating for the company in a report on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $3,674.36.
View Our Latest Research Report on AutoZone
AutoZone Company Profile
(
Get Free Report)
AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores.
Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.
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