Carnegie Investment Counsel Acquires New Stake in AutoZone, Inc. (NYSE:AZO)

Carnegie Investment Counsel acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 833 shares of the company’s stock, valued at approximately $2,469,000.

Several other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC raised its position in AutoZone by 35.3% in the first quarter. SG Americas Securities LLC now owns 3,534 shares of the company’s stock worth $11,138,000 after acquiring an additional 922 shares in the last quarter. Sei Investments Co. grew its stake in shares of AutoZone by 60.7% during the 1st quarter. Sei Investments Co. now owns 22,315 shares of the company’s stock worth $70,326,000 after purchasing an additional 8,427 shares during the period. Oppenheimer & Co. Inc. increased its holdings in shares of AutoZone by 12.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 3,509 shares of the company’s stock valued at $11,059,000 after purchasing an additional 401 shares in the last quarter. Parnassus Investments LLC lifted its stake in shares of AutoZone by 32.0% in the fourth quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock valued at $629,780,000 after purchasing an additional 58,989 shares during the period. Finally, Peak Financial Advisors LLC purchased a new stake in AutoZone during the second quarter worth about $2,816,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays dropped their target price on shares of AutoZone from $3,100.00 to $3,024.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Citigroup reduced their price objective on AutoZone from $3,420.00 to $3,250.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Guggenheim upped their target price on AutoZone from $3,150.00 to $3,225.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and set a $3,200.00 price target on shares of AutoZone in a research note on Wednesday, July 10th. Finally, Wolfe Research lowered their target price on AutoZone from $3,150.00 to $3,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 22nd. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3,112.71.

AutoZone Stock Performance

AutoZone stock traded up $18.58 during midday trading on Tuesday, reaching $3,190.76. The stock had a trading volume of 52,778 shares, compared to its average volume of 144,877. The stock has a market capitalization of $54.51 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 1.58 and a beta of 0.71. The stock’s 50-day simple moving average is $2,990.37 and its 200 day simple moving average is $2,959.51. AutoZone, Inc. has a twelve month low of $2,375.35 and a twelve month high of $3,256.37.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $35.67 by $1.02. The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.29 billion. AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $34.12 EPS. Equities analysts predict that AutoZone, Inc. will post 151.37 earnings per share for the current fiscal year.

Insider Transactions at AutoZone

In related news, VP Jenna M. Bedsole acquired 36 shares of the business’s stock in a transaction on 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 completion of the transaction, the vice president now directly owns 36 shares of the company’s stock, valued at approximately $99,255.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.50% of the company’s stock.

AutoZone 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.