Parnassus Investments LLC Sells 20,974 Shares of AutoZone, Inc. (NYSE:AZO)

Parnassus Investments LLC cut its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 278,542 shares of the company's stock after selling 20,974 shares during the period. AutoZone comprises approximately 2.0% of Parnassus Investments LLC's holdings, making the stock its 18th largest holding. Parnassus Investments LLC owned approximately 1.66% of AutoZone worth $891,891,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AZO. Darwin Wealth Management LLC bought a new stake in shares of AutoZone during the third quarter worth $47,000. Crews Bank & Trust acquired a new position in AutoZone during the 4th quarter worth about $61,000. McIlrath & Eck LLC grew its holdings in AutoZone by 25.0% during the 3rd quarter. McIlrath & Eck LLC now owns 20 shares of the company's stock worth $63,000 after acquiring an additional 4 shares during the last quarter. Whipplewood Advisors LLC acquired a new stake in AutoZone in the 4th quarter valued at about $67,000. Finally, Providence First Trust Co bought a new position in shares of AutoZone in the fourth quarter worth about $80,000. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Price Performance

Shares of NYSE AZO traded down $9.31 during midday trading on Tuesday, reaching $3,611.51. 87,224 shares of the stock were exchanged, compared to its average volume of 126,584. AutoZone, Inc. has a 12 month low of $2,728.97 and a 12 month high of $3,704.43. The business has a 50-day simple moving average of $3,408.03 and a two-hundred day simple moving average of $3,247.36. The company has a market capitalization of $60.61 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 1.86 and a beta of 0.71.

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AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share for the quarter, missing the consensus estimate of $29.11 by ($0.82). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.98 billion. Equities research analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Insider Activity

In other AutoZone news, VP Dennis W. Leriche sold 1,575 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $3,600.00, for a total transaction of $5,670,000.00. Following the sale, the vice president now directly owns 417 shares in the company, valued at approximately $1,501,200. This trade represents a 79.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP K. Michelle Borninkhof sold 136 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $3,550.08, for a total transaction of $482,810.88. Following the completion of the transaction, the senior vice president now owns 403 shares of the company's stock, valued at $1,430,682.24. This trade represents a 25.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,871 shares of company stock worth $6,720,811 in the last 90 days. Corporate insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on AZO. Roth Mkm increased their price target on shares of AutoZone from $3,634.00 to $3,763.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Barclays increased their price objective on AutoZone from $3,024.00 to $3,585.00 and gave the company an "overweight" rating in a research report on Thursday, January 9th. DA Davidson boosted their target price on AutoZone from $3,350.00 to $3,500.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 5th. Argus lowered AutoZone from a "buy" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Evercore ISI lifted their price objective on AutoZone from $3,525.00 to $3,700.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, AutoZone has a consensus rating of "Moderate Buy" and a consensus price target of $3,651.91.

AutoZone Profile

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.