Pinnacle Financial Partners Inc Sells 2,433 Shares of AutoZone, Inc. $AZO

Pinnacle Financial Partners Inc decreased its position in AutoZone, Inc. (NYSE:AZO) by 67.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,172 shares of the company’s stock after selling 2,433 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in AutoZone were worth $5,028,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Aspect Partners LLC boosted its holdings in AutoZone by 700.0% during the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after purchasing an additional 7 shares during the last quarter. Global Trust Asset Management LLC lifted its position in shares of AutoZone by 600.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after buying an additional 6 shares in the last quarter. Bank of Jackson Hole Trust purchased a new position in shares of AutoZone in the 2nd quarter worth approximately $33,000. NewSquare Capital LLC grew its holdings in shares of AutoZone by 50.0% in the second quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock valued at $33,000 after acquiring an additional 3 shares in the last quarter. Finally, Loomis Sayles & Co. L P bought a new position in shares of AutoZone in the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AZO. Rothschild & Co Redburn lifted their price target on AutoZone from $4,300.00 to $4,700.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. BMO Capital Markets lowered their target price on AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 10th. Mizuho reissued a “neutral” rating and issued a $3,550.00 price target (down from $3,850.00) on shares of AutoZone in a report on Monday, January 5th. Barclays set a $3,880.00 price objective on shares of AutoZone in a report on Thursday, January 8th. Finally, Robert W. Baird began coverage on shares of AutoZone in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $4,500.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and a consensus target price of $4,264.12.

AutoZone Trading Up 1.6%

AutoZone stock opened at $3,520.15 on Friday. The firm has a market capitalization of $58.33 billion, a price-to-earnings ratio of 24.55, a P/E/G ratio of 1.68 and a beta of 0.42. The firm has a 50 day simple moving average of $3,601.54 and a 200 day simple moving average of $3,851.21. AutoZone, Inc. has a 1-year low of $3,202.13 and a 1-year high of $4,388.11.

AutoZone (NYSE:AZO) last announced 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 company had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.64 billion. During the same quarter last year, the firm posted $32.52 earnings per share. AutoZone’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, equities research analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 8th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch purchased 147 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was purchased at an average cost of $3,393.09 per share, with a total value of $498,784.23. Following the acquisition, the director directly owned 962 shares in the company, valued at approximately $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Earl G. Graves, Jr. sold 250 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $3,295.00, for a total transaction of $823,750.00. Following the transaction, the director owned 4,887 shares of the company’s stock, valued at $16,102,665. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders bought 347 shares of company stock valued at $1,179,256 and sold 647 shares valued at $2,280,423. Corporate insiders own 2.60% of the company’s stock.

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.