CCM Investment Group LLC Takes Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• CCM Investment Group LLC has acquired 1,276 shares of AutoZone, Inc. for approximately $4.8 million, indicating continued institutional interest in the company.
• AutoZone's CFO and VP recently sold significant portions of their stocks, with CFO Jamere Jackson selling 2,612 shares for about $9.7 million, signaling potential insider confidence issues.
• AutoZone has seen a slight stock fluctuation with a 0.6% decrease recently, though analysts maintain a positive outlook, with target prices raised by several firms.

CCM Investment Group LLC bought a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,276 shares of the company's stock, valued at approximately $4,812,000.

Other large investors also recently modified their holdings of the company. AlphaCore Capital LLC acquired a new position in AutoZone in the first quarter worth about $27,000. Cornerstone Planning Group LLC bought a new position in AutoZone in the first quarter worth about $44,000. Minot DeBlois Advisors LLC bought a new position in AutoZone in the fourth quarter worth about $45,000. Clearstead Trust LLC bought a new position in AutoZone in the first quarter worth about $46,000. Finally, Tradewinds Capital Management LLC lifted its holdings in AutoZone by 30.0% in the first quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock worth $50,000 after acquiring an additional 3 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other AutoZone news, Chairman William C. Rhodes III sold 27,500 shares of AutoZone stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the transaction, the chairman directly owned 8,546 shares in the company, valued at approximately $31,696,515.78. The trade was a 76.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP K. Michelle Borninkhof sold 750 shares of AutoZone stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the transaction, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,862 shares of company stock valued at $126,058,789. 2.10% of the stock is currently owned by company insiders.

AutoZone Stock Down 0.9%

AutoZone stock traded down $36.20 during mid-day trading on Tuesday, hitting $4,000.59. The company's stock had a trading volume of 95,646 shares, compared to its average volume of 112,056. The stock has a market capitalization of $67.13 billion, a P/E ratio of 27.08, a P/E/G ratio of 2.41 and a beta of 0.38. AutoZone, Inc. has a twelve month low of $2,898.57 and a twelve month high of $4,094.69. The stock's fifty day moving average price is $3,747.90 and its two-hundred day moving average price is $3,654.19.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $37.07 by ($1.71). The business had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.41 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The company's quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm posted $36.69 EPS. Equities analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Guggenheim raised their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Raymond James Financial reissued a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 28th. Wall Street Zen raised AutoZone from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Bank of America raised AutoZone from a "neutral" rating to a "buy" rating and lifted their price target for the company from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Finally, Wells Fargo & Company set a $4,200.00 price target on AutoZone and gave the company an "overweight" rating in a report on Monday, May 19th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, AutoZone presently has an average rating of "Buy" and a consensus price target of $4,087.00.

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.