Meridian Wealth Management LLC Takes $447,000 Position in AutoZone, Inc. (NYSE:AZO)

Meridian Wealth Management LLC bought a new stake in shares of AutoZone, Inc. (NYSE:AZO) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 142 shares of the company’s stock, valued at approximately $447,000.

Other large investors have also recently made changes to their positions in the company. Advisors Asset Management Inc. grew its stake in shares of AutoZone by 46.8% during the 1st quarter. Advisors Asset Management Inc. now owns 505 shares of the company’s stock worth $1,592,000 after acquiring an additional 161 shares during the period. Lazard Asset Management LLC boosted its stake in AutoZone by 456.0% in the 1st quarter. Lazard Asset Management LLC now owns 1,440 shares of the company’s stock worth $4,537,000 after purchasing an additional 1,181 shares during the period. SVB Wealth LLC boosted its stake in AutoZone by 2.7% in the 1st quarter. SVB Wealth LLC now owns 266 shares of the company’s stock worth $838,000 after purchasing an additional 7 shares during the period. Caxton Associates LP bought a new position in AutoZone in the 1st quarter worth about $826,000. Finally, Dynasty Wealth Management LLC bought a new position in AutoZone in the 1st quarter worth about $1,596,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other AutoZone news, Chairman William C. Rhodes III sold 300 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $3,075.20, for a total value of $922,560.00. Following the completion of the sale, the chairman now owns 13,857 shares in the company, valued at approximately $42,613,046.40. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John Scott Murphy sold 1,580 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the transaction, the vice president now directly owns 1,218 shares in the company, valued at $3,785,166.42. This trade represents a 56.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,880 shares of company stock valued at $46,225,660. Insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on AZO. Roth Mkm restated a “buy” rating and issued a $3,634.00 target price on shares of AutoZone in a research note on Wednesday, October 16th. Evercore ISI raised their target price on AutoZone from $3,300.00 to $3,350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 3rd. Mizuho raised their target price on AutoZone from $3,280.00 to $3,350.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $3,200.00 price target on shares of AutoZone in a research report on Thursday, September 19th. Finally, The Goldman Sachs Group downgraded AutoZone from a “buy” rating to a “sell” rating and dropped their price target for the company from $3,205.00 to $2,917.00 in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $3,202.71.

AutoZone Price Performance

Shares of AutoZone stock opened at $3,099.38 on Monday. The business’s 50 day simple moving average is $3,111.05 and its two-hundred day simple moving average is $3,029.75. The stock has a market capitalization of $52.39 billion, a P/E ratio of 20.70, a price-to-earnings-growth ratio of 1.55 and a beta of 0.71. AutoZone, Inc. has a one year low of $2,510.00 and a one year high of $3,256.37.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). The company had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $6.25 billion. AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. AutoZone’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the firm earned $46.46 earnings per share. Sell-side analysts expect that AutoZone, Inc. will post 158.09 earnings per share 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.