Envestnet Portfolio Solutions Inc. Boosts Stock Position in AutoZone, Inc. $AZO

Envestnet Portfolio Solutions Inc. grew its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 3.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 224 shares of the company’s stock after acquiring an additional 8 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in AutoZone were worth $832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after buying an additional 14 shares during the last quarter. GAMMA Investing LLC grew its position in shares of AutoZone by 14.1% during the 1st quarter. GAMMA Investing LLC now owns 202 shares of the company’s stock valued at $770,000 after acquiring an additional 25 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of AutoZone by 21.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,261 shares of the company’s stock valued at $27,688,000 after acquiring an additional 1,300 shares during the period. Blue Trust Inc. increased its stake in shares of AutoZone by 3.5% during the 1st quarter. Blue Trust Inc. now owns 89 shares of the company’s stock worth $339,000 after purchasing an additional 3 shares during the last quarter. Finally, Rappaport Reiches Capital Management LLC raised its holdings in shares of AutoZone by 4.8% in the 1st quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company’s stock worth $252,000 after purchasing an additional 3 shares during the period. 92.74% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the sale, the vice president owned 2,925 shares of the company’s stock, valued at $11,337,007.50. This trade represents a 50.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the sale, the vice president owned 1,244 shares of the company’s stock, valued at approximately $5,194,570.80. This trade represents a 69.69% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

AZO has been the topic of several research analyst reports. Mizuho upped their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the company an “outperform” rating in a research note on Thursday, July 3rd. Barclays upped their price target on AutoZone from $3,916.00 to $4,610.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. JPMorgan Chase & Co. increased their price target on AutoZone from $4,200.00 to $4,850.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Roth Capital restated a “buy” rating and issued a $4,750.00 price objective (down from $4,800.00) on shares of AutoZone in a research note on Thursday, September 25th. Finally, BMO Capital Markets upped their price objective on shares of AutoZone from $4,100.00 to $4,600.00 and gave the company an “outperform” rating in a report on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, AutoZone has a consensus rating of “Moderate Buy” and a consensus price target of $4,544.68.

AutoZone Stock Performance

NYSE:AZO opened at $4,031.84 on Monday. The business’s fifty day moving average is $4,150.99 and its 200 day moving average is $3,865.73. The firm has a market cap of $67.65 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 1.90 and a beta of 0.40. AutoZone, Inc. has a 52-week low of $2,980.10 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The company had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $6.26 billion. During the same period in the previous year, the firm earned $51.58 EPS. The firm’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

About AutoZone

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.