AutoZone, Inc. (NYSE:AZO) is New South Capital Management Inc.’s 2nd Largest Position

New South Capital Management Inc. trimmed its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 0.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,970 shares of the company’s stock after selling 323 shares during the quarter. AutoZone accounts for about 7.4% of New South Capital Management Inc.’s holdings, making the stock its 2nd largest position. New South Capital Management Inc. owned about 0.33% of AutoZone worth $165,901,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Strategic Financial Concepts LLC bought a new position in AutoZone during the second quarter valued at $424,000. Los Angeles Capital Management LLC grew its holdings in AutoZone by 33.6% during the second quarter. Los Angeles Capital Management LLC now owns 39,470 shares of the company’s stock valued at $116,993,000 after purchasing an additional 9,932 shares during the period. Cullen Frost Bankers Inc. grew its holdings in AutoZone by 0.3% during the second quarter. Cullen Frost Bankers Inc. now owns 3,235 shares of the company’s stock valued at $9,590,000 after purchasing an additional 11 shares during the period. Advisor OS LLC grew its holdings in AutoZone by 10.4% during the second quarter. Advisor OS LLC now owns 117 shares of the company’s stock valued at $347,000 after purchasing an additional 11 shares during the period. Finally, Candriam S.C.A. grew its holdings in AutoZone by 1.0% during the second quarter. Candriam S.C.A. now owns 6,011 shares of the company’s stock valued at $17,816,000 after purchasing an additional 59 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Price Performance

NYSE:AZO opened at $3,092.56 on Friday. AutoZone, Inc. has a 1-year low of $2,375.35 and a 1-year high of $3,256.37. The business has a 50 day moving average of $3,058.29 and a 200 day moving average of $2,998.94. The company has a market capitalization of $52.83 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 1.60 and a beta of 0.71.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Evercore ISI reduced their price objective on AutoZone from $3,278.00 to $3,275.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Oppenheimer reaffirmed a “market perform” rating and issued a $2,600.00 price target on shares of AutoZone in a report on Wednesday, June 26th. Mizuho cut their price target on AutoZone from $3,450.00 to $3,280.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Morgan Stanley cut their price target on AutoZone from $3,100.00 to $3,038.00 and set an “overweight” rating for the company in a report on Wednesday, May 22nd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $3,200.00 price target on shares of AutoZone in a report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $3,112.71.

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.