Brown Brothers Harriman & Co. Cuts Stock Position in AutoZone, Inc. (NYSE:AZO)

Brown Brothers Harriman & Co. lessened its position in shares of AutoZone, Inc. (NYSE:AZO) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,795 shares of the company’s stock after selling 57 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in AutoZone were worth $24,555,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new stake in shares of AutoZone in the 3rd quarter worth $36,000. Meeder Asset Management Inc. boosted its position in AutoZone by 50.0% in the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after buying an additional 5 shares during the last quarter. Carolina Wealth Advisors LLC acquired a new position in AutoZone in the 3rd quarter worth approximately $47,000. Darwin Wealth Management LLC purchased a new position in AutoZone during the 3rd quarter worth approximately $47,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in AutoZone during the 2nd quarter worth approximately $50,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Price Performance

Shares of AutoZone stock opened at $3,099.38 on Monday. The stock has a market capitalization of $52.38 billion, a P/E ratio of 20.70, a PEG ratio of 1.57 and a beta of 0.71. The business has a 50 day simple moving average of $3,111.05 and a two-hundred day simple moving average of $3,029.75. AutoZone, Inc. has a 12 month low of $2,510.00 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the previous year, the business posted $46.46 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. As a group, research analysts anticipate that AutoZone, Inc. will post 158.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AZO shares. Roth Capital upgraded shares of AutoZone to a “strong-buy” rating in a research note on Tuesday, October 15th. Redburn Atlantic raised AutoZone to a “strong-buy” rating in a research report on Tuesday, October 1st. UBS Group lifted their price objective on AutoZone from $3,340.00 to $3,500.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Morgan Stanley upped their target price on AutoZone from $3,038.00 to $3,125.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Finally, The Goldman Sachs Group lowered AutoZone from a “buy” rating to a “sell” rating and dropped their target price for the stock from $3,205.00 to $2,917.00 in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $3,202.71.

Insiders Place Their Bets

In related news, VP John Scott Murphy sold 1,580 shares of the 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 value of $4,910,150.20. Following the completion of the transaction, the vice president now directly owns 1,218 shares in the company, valued at approximately $3,785,166.42. This represents a 56.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman William C. Rhodes III sold 13,000 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the sale, the chairman now directly owns 13,857 shares of the company’s stock, valued at approximately $43,055,777.55. This trade represents a 48.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,880 shares of company stock valued at $46,225,660 in the last three months. 2.10% of the stock is currently owned by insiders.

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.