Summit Asset Management LLC Has $6.77 Million Stock Position in AutoZone, Inc. (NYSE:AZO)

Summit Asset Management LLC raised its position in shares of AutoZone, Inc. (NYSE:AZO) by 36.6% in the 4th quarter, Holdings Channel reports. The firm owned 2,619 shares of the company’s stock after acquiring an additional 702 shares during the period. AutoZone accounts for approximately 1.6% of Summit Asset Management LLC’s holdings, making the stock its 16th largest position. Summit Asset Management LLC’s holdings in AutoZone were worth $6,772,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. First Trust Direct Indexing L.P. raised its position in AutoZone by 38.3% during the fourth quarter. First Trust Direct Indexing L.P. now owns 437 shares of the company’s stock valued at $1,130,000 after purchasing an additional 121 shares in the last quarter. Summit Financial LLC acquired a new position in shares of AutoZone during the fourth quarter worth $282,000. Buckhead Capital Management LLC increased its holdings in shares of AutoZone by 14.0% during the fourth quarter. Buckhead Capital Management LLC now owns 1,652 shares of the company’s stock worth $4,271,000 after buying an additional 203 shares in the last quarter. Brighton Jones LLC acquired a new position in shares of AutoZone during the fourth quarter worth $248,000. Finally, Epic Trust Investment Advisors LLC increased its holdings in shares of AutoZone by 15.7% during the fourth quarter. Epic Trust Investment Advisors LLC now owns 118 shares of the company’s stock worth $305,000 after buying an additional 16 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Price Performance

Shares of AZO stock traded up $7.16 on Thursday, reaching $2,953.97. 39,178 shares of the company were exchanged, compared to its average volume of 152,188. The company has a market cap of $51.16 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 1.46 and a beta of 0.72. The company has a 50-day moving average of $3,043.94 and a 200-day moving average of $2,782.53. AutoZone, Inc. has a one year low of $2,277.88 and a one year high of $3,256.37.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, February 27th. The company reported $28.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $26.08 by $2.81. The company had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $4.32 billion. AutoZone had a net margin of 14.70% and a negative return on equity of 56.06%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $24.64 EPS. As a group, sell-side analysts predict that AutoZone, Inc. will post 152.4 EPS for the current year.

Wall Street Analysts Forecast Growth

AZO has been the subject of several research analyst reports. Truist Financial upped their price target on shares of AutoZone from $3,363.00 to $3,523.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. DA Davidson upped their price target on shares of AutoZone from $2,770.00 to $3,025.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. StockNews.com downgraded shares of AutoZone from a “buy” rating to a “hold” rating in a report on Friday, April 12th. Mizuho initiated coverage on shares of AutoZone in a report on Tuesday, March 19th. They set a “buy” rating and a $3,450.00 price target for the company. Finally, UBS Group boosted their price objective on shares of AutoZone from $3,100.00 to $3,425.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,086.61.

Insider Buying and Selling

In related news, Chairman William C. Rhodes III sold 6,700 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total value of $21,374,474.00. Following the sale, the chairman now owns 15,357 shares in the company, valued at approximately $48,992,208.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other AutoZone news, CEO Philip B. Daniele sold 4,190 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $3,161.68, for a total value of $13,247,439.20. Following the completion of the sale, the chief executive officer now owns 900 shares in the company, valued at approximately $2,845,512. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman William C. Rhodes III sold 6,700 shares of the stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total transaction of $21,374,474.00. Following the completion of the sale, the chairman now owns 15,357 shares of the company’s stock, valued at approximately $48,992,208.54. The disclosure for this sale can be found here. Insiders have sold 15,990 shares of company stock worth $50,335,193 in the last quarter. Insiders own 2.50% of the company’s stock.

AutoZone Profile

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.