Advance Auto Parts, Inc. (NYSE:AAP) Shares Sold by Dorsal Capital Management LP

Dorsal Capital Management LP reduced its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 22.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 585,000 shares of the company's stock after selling 165,000 shares during the quarter. Advance Auto Parts makes up 0.7% of Dorsal Capital Management LP's investment portfolio, making the stock its 21st biggest holding. Dorsal Capital Management LP owned about 0.98% of Advance Auto Parts worth $27,665,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Versant Capital Management Inc lifted its stake in Advance Auto Parts by 207.4% in the fourth quarter. Versant Capital Management Inc now owns 541 shares of the company's stock valued at $26,000 after buying an additional 365 shares during the last quarter. Allworth Financial LP boosted its stake in Advance Auto Parts by 1,543.4% during the 4th quarter. Allworth Financial LP now owns 871 shares of the company's stock worth $40,000 after purchasing an additional 818 shares during the period. Vision Financial Markets LLC acquired a new position in Advance Auto Parts in the fourth quarter valued at $42,000. Advisory Services Network LLC acquired a new stake in shares of Advance Auto Parts during the fourth quarter worth about $46,000. Finally, GAMMA Investing LLC increased its position in Advance Auto Parts by 198.3% in the 4th quarter. GAMMA Investing LLC now owns 1,575 shares of the company's stock valued at $74,000 after acquiring an additional 1,047 shares during the period. Hedge funds and other institutional investors own 88.75% of the company's stock.

Advance Auto Parts Trading Down 1.6 %

Shares of AAP traded down $0.49 on Friday, hitting $30.90. 2,267,416 shares of the stock traded hands, compared to its average volume of 2,255,876. Advance Auto Parts, Inc. has a 1 year low of $28.89 and a 1 year high of $77.49. The stock's 50 day moving average is $34.61 and its two-hundred day moving average is $40.39. The firm has a market capitalization of $1.85 billion, a P/E ratio of 42.33, a P/E/G ratio of 1.98 and a beta of 0.93. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Advance Auto Parts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 25th. Stockholders of record on Friday, April 11th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Friday, April 11th. Advance Auto Parts's dividend payout ratio (DPR) is -17.86%.

Analysts Set New Price Targets

Several research analysts have weighed in on AAP shares. Citigroup lowered their target price on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Royal Bank of Canada cut their price objective on shares of Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating for the company in a research report on Thursday, February 27th. BMO Capital Markets lowered their target price on shares of Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a report on Thursday, February 27th. Wedbush restated an "outperform" rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research report on Monday, March 3rd. Finally, Evercore ISI dropped their target price on Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating on the stock in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $45.13.

Insider Activity

In related news, Director Eugene I. Lee, Jr. bought 14,640 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the acquisition, the director now owns 34,070 shares in the company, valued at $1,163,490.50. This trade represents a 75.35 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shane M. Okelly purchased 1,500 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average cost of $36.79 per share, with a total value of $55,185.00. Following the transaction, the chief executive officer now directly owns 183,121 shares of the company's stock, valued at $6,737,021.59. The trade was a 0.83 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.35% of the company's stock.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.