Perigon Wealth Management LLC Takes Position in AutoZone, Inc. $AZO

Perigon Wealth Management LLC purchased a new stake in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 677 shares of the company’s stock, valued at approximately $2,164,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Turning Point Benefit Group Inc. purchased a new position in AutoZone during the 3rd quarter valued at about $25,000. Torren Management LLC purchased a new stake in AutoZone during the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC increased its stake in AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after purchasing an additional 4 shares during the period. MCF Advisors LLC lifted its position in shares of AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares in the last quarter. Finally, Bard Associates Inc. acquired a new stake in shares of AutoZone during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch purchased 165 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director directly owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of AutoZone stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares of the company’s stock, valued at $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on AZO shares. TD Cowen reaffirmed a “buy” rating and issued a $3,700.00 target price on shares of AutoZone in a report on Thursday, June 4th. Barclays decreased their price objective on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Weiss Ratings downgraded shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Mizuho dropped their target price on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Finally, Robert W. Baird cut their price target on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Stock Down 0.2%

Shares of AZO stock opened at $3,017.68 on Tuesday. The stock has a market cap of $49.28 billion, a P/E ratio of 20.75, a P/E/G ratio of 1.54 and a beta of 0.33. The business has a fifty day simple moving average of $3,062.36 and a 200-day simple moving average of $3,349.21. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter last year, the business posted $35.36 earnings per share. AutoZone’s revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its board has approved a stock buyback plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

AutoZone Profile

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.