Parnassus Investments LLC Sells 1,214 Shares of AutoZone, Inc. $AZO

Parnassus Investments LLC lowered its position in AutoZone, Inc. (NYSE:AZO) by 0.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 250,941 shares of the company’s stock after selling 1,214 shares during the period. AutoZone accounts for about 2.5% of Parnassus Investments LLC’s holdings, making the stock its 11th biggest position. Parnassus Investments LLC’s holdings in AutoZone were worth $1,076,597,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. McLean Asset Management Corp boosted its position in AutoZone by 3.6% during the second quarter. McLean Asset Management Corp now owns 87 shares of the company’s stock worth $320,000 after purchasing an additional 3 shares during the period. NBC Securities Inc. raised its position in shares of AutoZone by 0.9% in the second quarter. NBC Securities Inc. now owns 347 shares of the company’s stock valued at $1,288,000 after purchasing an additional 3 shares during the period. Valeo Financial Advisors LLC lifted its stake in shares of AutoZone by 4.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock valued at $267,000 after buying an additional 3 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in AutoZone by 0.3% in the 2nd quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock worth $4,377,000 after buying an additional 3 shares during the period. Finally, Pittenger & Anderson Inc. grew its stake in AutoZone by 4.3% in the 2nd quarter. Pittenger & Anderson Inc. now owns 72 shares of the company’s stock valued at $267,000 after buying an additional 3 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Brian Hannasch acquired 147 shares of the stock in a transaction dated Thursday, December 18th. The shares were purchased at an average price of $3,393.09 per share, for a total transaction of $498,784.23. Following the transaction, the director owned 962 shares in the company, valued at $3,264,152.58. This represents a 18.04% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael A. George acquired 145 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were bought at an average cost of $3,398.13 per share, with a total value of $492,728.85. Following the completion of the acquisition, the director directly owned 566 shares in the company, valued at $1,923,341.58. The trade was a 34.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 347 shares of company stock valued at $1,179,256 and sold 3,180 shares valued at $12,465,312. Company insiders own 2.60% of the company’s stock.

AutoZone Stock Up 3.1%

AutoZone stock opened at $3,417.62 on Friday. The stock has a market cap of $56.63 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 1.57 and a beta of 0.42. The business has a 50-day simple moving average of $3,617.96 and a 200 day simple moving average of $3,853.21. AutoZone, Inc. has a 52 week low of $3,162.00 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.64 billion. During the same period in the previous year, the business earned $32.52 EPS. The business’s revenue was up 8.2% on a year-over-year basis. On average, research analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Evercore ISI reissued an “outperform” rating and set a $4,100.00 target price on shares of AutoZone in a report on Wednesday, December 10th. The Goldman Sachs Group reduced their price target on AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. Roth Capital reissued a “buy” rating and set a $4,650.00 price objective (down previously from $4,750.00) on shares of AutoZone in a report on Wednesday, December 10th. Morgan Stanley raised their target price on AutoZone from $4,000.00 to $4,700.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Finally, Barclays set a $3,880.00 price target on AutoZone in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,310.12.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.