Parnassus Investments LLC Decreases Position in AutoZone, Inc. (NYSE:AZO)

Parnassus Investments LLC lowered its stake in shares of AutoZone, Inc. (NYSE:AZO) by 3.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 299,516 shares of the company’s stock after selling 11,284 shares during the period. AutoZone accounts for 2.0% of Parnassus Investments LLC’s investment portfolio, making the stock its 19th biggest holding. Parnassus Investments LLC’s holdings in AutoZone were worth $943,487,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new stake in shares of AutoZone during the 3rd quarter worth approximately $36,000. Meeder Asset Management Inc. grew its stake in AutoZone by 50.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after buying an additional 5 shares in the last quarter. Carolina Wealth Advisors LLC purchased a new position in AutoZone in the 3rd quarter valued at approximately $47,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in AutoZone in the 2nd quarter valued at approximately $50,000. Finally, ORG Partners LLC purchased a new position in AutoZone in the 2nd quarter valued at approximately $50,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Activity at AutoZone

In related news, VP John Scott Murphy sold 1,580 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the transaction, the vice president now owns 1,218 shares in the company, valued at $3,785,166.42. The trade was a 56.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman William C. Rhodes III sold 13,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total transaction of $40,392,950.00. Following the transaction, the chairman now owns 13,857 shares in the company, valued at $43,055,777.55. This represents a 48.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,880 shares of company stock worth $46,225,660 over the last 90 days. 2.10% of the stock is owned by company insiders.

AutoZone Trading Up 1.9 %

AZO stock opened at $3,166.93 on Tuesday. The firm’s 50-day moving average price is $3,113.91 and its two-hundred day moving average price is $3,026.55. AutoZone, Inc. has a 12-month low of $2,510.00 and a 12-month high of $3,256.37. The stock has a market capitalization of $53.52 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 1.57 and a beta of 0.71.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The firm had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the previous year, the firm posted $46.46 EPS. AutoZone’s revenue was up 9.0% compared to the same quarter last year. Equities analysts predict that AutoZone, Inc. will post 158.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Evercore ISI lifted their price objective on shares of AutoZone from $3,300.00 to $3,350.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. Roth Mkm reiterated a “buy” rating and issued a $3,634.00 price objective on shares of AutoZone in a research note on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and issued a $3,200.00 price objective on shares of AutoZone in a research note on Thursday, September 19th. The Goldman Sachs Group lowered shares of AutoZone from a “buy” rating to a “sell” rating and reduced their price objective for the company from $3,205.00 to $2,917.00 in a research note on Monday, October 14th. Finally, Citigroup cut their price target on shares of AutoZone from $3,787.00 to $3,500.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,202.71.

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.