Parnassus Investments LLC Has $1.08 Billion Stock Position in AutoZone, Inc. $AZO

Parnassus Investments LLC lessened its position in AutoZone, Inc. (NYSE:AZO) by 0.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 250,941 shares of the company’s stock after selling 1,214 shares during the period. AutoZone makes up about 2.5% of Parnassus Investments LLC’s holdings, making the stock its 11th largest position. Parnassus Investments LLC owned 1.50% of AutoZone worth $1,076,597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Laurel Wealth Advisors LLC lifted its holdings in shares of AutoZone by 371,123.0% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after purchasing an additional 935,230 shares in the last quarter. Norges Bank acquired a new position in AutoZone during the second quarter worth $981,202,000. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of AutoZone by 7,358.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company’s stock valued at $902,929,000 after buying an additional 239,970 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in shares of AutoZone by 277.3% in the third quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock valued at $440,037,000 after buying an additional 75,382 shares in the last quarter. Finally, Evelyn Partners Investment Management Services Ltd grew its holdings in shares of AutoZone by 1,185.5% during the second quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company’s stock valued at $240,126,000 after buying an additional 59,653 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AZO shares. Morgan Stanley raised their price target on shares of AutoZone from $4,000.00 to $4,700.00 and gave the company an “overweight” rating in a research report on Wednesday, September 24th. Citigroup lowered their price objective on AutoZone from $4,775.00 to $4,200.00 and set a “buy” rating for the company in a research note on Thursday, December 11th. Cowen reaffirmed a “buy” rating on shares of AutoZone in a research report on Thursday, September 18th. Barclays set a $3,880.00 price target on AutoZone in a report on Thursday. Finally, Guggenheim dropped their price objective on AutoZone from $4,600.00 to $4,400.00 and set a “buy” rating on the stock in a research note on Wednesday, December 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4,310.12.

AutoZone Trading Up 3.1%

AZO stock opened at $3,417.62 on Friday. The stock’s fifty day simple moving average is $3,617.96 and its two-hundred day simple moving average is $3,853.21. AutoZone, Inc. has a 1-year low of $3,162.00 and a 1-year high of $4,388.11. The stock has a market cap of $56.63 billion, a P/E ratio of 23.83, a P/E/G ratio of 1.57 and a beta of 0.42.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $32.69 by ($1.65). The business had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $32.52 earnings per share. As a group, analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone announced that its board has initiated a share buyback program on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In related news, Director Michael A. George purchased 145 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was bought at an average price of $3,398.13 per share, for a total transaction of $492,728.85. Following the purchase, the director directly owned 566 shares in the company, valued at approximately $1,923,341.58. This trade represents a 34.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Earl G. Graves, Jr. sold 250 shares of AutoZone stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $3,295.00, for a total transaction of $823,750.00. Following the completion of the sale, the director directly owned 4,887 shares in the company, valued at $16,102,665. This trade represents a 4.87% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have bought 347 shares of company stock valued at $1,179,256 and have sold 3,180 shares valued at $12,465,312. 2.60% of the stock is currently owned by corporate insiders.

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.