AutoZone, Inc. (NYSE:AZO) Shares Sold by Summit Asset Management LLC

Summit Asset Management LLC decreased its holdings in shares of AutoZone, Inc. (NYSE:AZOFree Report) by 9.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,287 shares of the company’s stock after selling 230 shares during the quarter. AutoZone comprises 1.3% of Summit Asset Management LLC’s holdings, making the stock its 21st largest holding. Summit Asset Management LLC’s holdings in AutoZone were worth $7,323,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. Strategic Financial Concepts LLC acquired a new stake in shares of AutoZone in the fourth quarter valued at $471,629,000. The Manufacturers Life Insurance Company grew its stake in shares of AutoZone by 186.8% in the third quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock valued at $292,544,000 after buying an additional 60,483 shares in the last quarter. Canoe Financial LP grew its stake in shares of AutoZone by 542.8% in the fourth quarter. Canoe Financial LP now owns 62,471 shares of the company’s stock valued at $200,032,000 after buying an additional 52,753 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of AutoZone by 35.6% in the fourth quarter. Baillie Gifford & Co. now owns 163,089 shares of the company’s stock valued at $522,211,000 after buying an additional 42,776 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new position in AutoZone during the 3rd quarter worth $85,127,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on AZO shares. Truist Financial boosted their target price on AutoZone from $3,501.00 to $3,753.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. TD Cowen boosted their target price on AutoZone from $3,450.00 to $3,800.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Mizuho boosted their target price on AutoZone from $3,350.00 to $3,600.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Evercore ISI boosted their target price on AutoZone from $3,400.00 to $3,450.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, BMO Capital Markets started coverage on AutoZone in a research note on Friday, December 13th. They set an “outperform” rating and a $3,700.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,429.84.

Read Our Latest Report on AZO

AutoZone Stock Performance

AutoZone stock opened at $3,366.15 on Friday. AutoZone, Inc. has a fifty-two week low of $2,708.09 and a fifty-two week high of $3,484.42. The company has a market capitalization of $56.48 billion, a P/E ratio of 22.49, a PEG ratio of 1.88 and a beta of 0.70. The stock has a 50-day simple moving average of $3,321.62 and a 200-day simple moving average of $3,206.92.

AutoZone (NYSE:AZOGet Free Report) last issued its quarterly earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $33.69 by ($1.17). The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.30 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $32.55 EPS. As a group, analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current year.

About AutoZone

(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.

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Institutional Ownership by Quarter for AutoZone (NYSE:AZO)

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