AutoZone (NYSE:AZO) CFO Sells $22,905,999.00 in Stock

AutoZone, Inc. (NYSE:AZO) CFO Jamere Jackson sold 6,900 shares of the firm’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $3,319.71, for a total value of $22,905,999.00. Following the completion of the transaction, the chief financial officer owned 496 shares of the company’s stock, valued at approximately $1,646,576.16. This represents a 93.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

AutoZone Stock Up 0.0%

NYSE:AZO opened at $3,217.76 on Monday. AutoZone, Inc. has a 52-week low of $2,730.65 and a 52-week high of $3,996.25. The stock has a fifty day simple moving average of $2,992.64 and a 200-day simple moving average of $3,255.16. The company has a market capitalization of $51.79 billion, a PE ratio of 21.06, a price-to-earnings-growth ratio of 1.66 and a beta of 0.37.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $55.51. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The firm had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.70 billion. During the same period in the prior year, the company earned $48.71 EPS. The firm’s revenue was up 5.6% on a year-over-year basis. As a group, equities analysts anticipate that AutoZone, Inc. will post 170.30 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its stake in AutoZone by 42,984.5% during the third quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company’s stock worth $29,821,658,000 after acquiring an additional 10,513,156 shares during the last quarter. BlackRock Inc. acquired a new position in shares of AutoZone in the 2nd quarter valued at about $3,938,566,000. Sound Income Strategies LLC lifted its stake in shares of AutoZone by 646,568.6% in the 3rd quarter. Sound Income Strategies LLC now owns 659,602 shares of the company’s stock valued at $1,866,687,000 after purchasing an additional 659,500 shares in the last quarter. Howard Capital Management LLC lifted its stake in shares of AutoZone by 79,236.8% in the 3rd quarter. Howard Capital Management LLC now owns 385,577 shares of the company’s stock valued at $1,091,191,000 after purchasing an additional 385,091 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of AutoZone by 247,417.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock worth $798,963,000 after purchasing an additional 249,892 shares during the period. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Sanford C. Bernstein initiated coverage on shares of AutoZone in a research report on Tuesday, September 29th. They issued an “outperform” rating and a $3,698.00 price target on the stock. Bank of America initiated coverage on AutoZone in a research report on Monday, October 26th. They set a “buy” rating and a $3,800.00 price objective for the company. DA Davidson reduced their target price on AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. Piper Sandler set a $3,500.00 target price on AutoZone in a report on Monday, August 31st. Finally, BMO Capital Markets lowered their target price on AutoZone from $4,000.00 to $3,500.00 and set an “outperform” rating on the stock in a report on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $3,674.36.

AutoZone Company Profile

AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores.

Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.