Sawgrass Asset Management LLC Reduces Holdings in AutoZone, Inc. (NYSE:AZO)

by · The Cerbat Gem

Sawgrass Asset Management LLC lessened its holdings in AutoZone, Inc. (NYSE:AZO – Free Report) by 3.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,322 shares of the company’s stock after selling 166 shares during the period. AutoZone accounts for approximately 1.4% of Sawgrass Asset Management LLC’s portfolio, making the stock its 24th largest holding. Sawgrass Asset Management LLC’s holdings in AutoZone were worth $13,614,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. International Assets Investment Management LLC grew its holdings in AutoZone by 354,692.5% during the 3rd quarter. International Assets Investment Management LLC now owns 993,419 shares of the company’s stock valued at $31,293,100,000 after buying an additional 993,139 shares during the last quarter. Boston Partners increased its position in AutoZone by 1.7% during the 1st quarter. Boston Partners now owns 382,169 shares of the company’s stock worth $1,202,596,000 after purchasing an additional 6,226 shares in the last quarter. PineStone Asset Management Inc. raised its stake in AutoZone by 137.6% in the 2nd quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock valued at $918,998,000 after purchasing an additional 179,543 shares during the last quarter. Captrust Financial Advisors lifted its holdings in AutoZone by 564.2% in the 1st quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock valued at $479,338,000 after purchasing an additional 129,193 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of AutoZone by 2.3% during the 2nd quarter. Legal & General Group Plc now owns 150,698 shares of the company’s stock worth $446,684,000 after purchasing an additional 3,382 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other AutoZone news, VP John Scott Murphy sold 1,580 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were 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 of the company’s stock, valued at $3,785,166.42. This represents a 56.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman William C. Rhodes III sold 13,000 shares of AutoZone stock in a transaction dated 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 in the company, valued at approximately $43,055,777.55. The trade was a 48.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,880 shares of company stock worth $46,225,660. 2.10% of the stock is currently owned by corporate insiders.

AutoZone Stock Down 0.9 %

AZO opened at $3,107.53 on Friday. AutoZone, Inc. has a 52-week low of $2,510.00 and a 52-week high of $3,256.37. The company has a 50 day moving average of $3,112.88 and a two-hundred day moving average of $3,024.56. The company has a market cap of $52.52 billion, a P/E ratio of 20.76, a P/E/G ratio of 1.60 and a beta of 0.71.

AutoZone (NYSE:AZO – Get Free Report) last announced its quarterly earnings results 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 negative return on equity of 52.99% and a net margin of 14.40%. The business had revenue of $6.21 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same period last year, the company posted $46.46 earnings per share. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. Research analysts anticipate that AutoZone, Inc. will post 158.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on AZO shares. Mizuho boosted their price objective on shares of AutoZone from $3,280.00 to $3,350.00 and gave the company an “outperform” rating in a research report on Wednesday, September 25th. Roth Capital raised AutoZone to a “strong-buy” rating in a research note on Tuesday, October 15th. BNP Paribas upgraded AutoZone to a “strong-buy” rating in a report on Wednesday, September 25th. Roth Mkm reiterated a “buy” rating and issued a $3,634.00 target price on shares of AutoZone in a research note on Wednesday, October 16th. Finally, Truist Financial raised their price target on AutoZone from $3,341.00 to $3,501.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $3,202.71.

View Our Latest Stock Report on AutoZone

AutoZone Company Profile

(Free Report)

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.

Further Reading

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