Sawgrass Asset Management LLC Decreases Holdings in AutoZone, Inc. (NYSE:AZO)

Sawgrass Asset Management LLC cut its stake in shares of AutoZone, Inc. (NYSE:AZO) by 5.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,078 shares of the company’s stock after selling 244 shares during the quarter. AutoZone makes up about 1.4% of Sawgrass Asset Management LLC’s holdings, making the stock its 24th largest holding. Sawgrass Asset Management LLC’s holdings in AutoZone were worth $13,058,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in AutoZone during the 3rd quarter valued at $36,000. Carolina Wealth Advisors LLC purchased a new stake in shares of AutoZone in the 3rd quarter worth $47,000. Darwin Wealth Management LLC purchased a new stake in shares of AutoZone in the 3rd quarter worth $47,000. Crews Bank & Trust purchased a new stake in shares of AutoZone in the 4th quarter worth $61,000. Finally, McIlrath & Eck LLC increased its stake in shares of AutoZone by 25.0% in the 3rd quarter. McIlrath & Eck LLC now owns 20 shares of the company’s stock worth $63,000 after purchasing an additional 4 shares in the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AZO has been the subject of several analyst reports. BMO Capital Markets initiated coverage on AutoZone in a research note on Friday, December 13th. They issued an “outperform” rating and a $3,700.00 price objective for the company. Citigroup upped their price objective on AutoZone from $3,500.00 to $3,900.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Argus upped their price objective on AutoZone from $3,560.00 to $3,678.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. Guggenheim upped their price objective on AutoZone from $3,350.00 to $3,750.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company upped their target price on shares of AutoZone from $3,450.00 to $3,750.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and a consensus price target of $3,429.84.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $3,435.93 on Thursday. The firm has a market cap of $57.65 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 1.92 and a beta of 0.70. The firm’s 50 day simple moving average is $3,302.29 and its 200-day simple moving average is $3,190.70. AutoZone, Inc. has a one year low of $2,680.96 and a one year high of $3,484.42.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $33.69 by ($1.17). The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.30 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $32.55 earnings per share. Equities research analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

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.