Advisors Asset Management Inc. Buys 215 Shares of AutoZone, Inc. $AZO

Key Points

• Advisors Asset Management Inc. increased its stake in AutoZone by 21.8% in Q1, holding 1,203 shares valued at approximately $4.59 million.
• Institutional investors and hedge funds now own 92.74% of AutoZone's stock, indicating strong institutional interest.
• Analysts have upgraded AutoZone's ratings, with price targets ranging from $4,000 to $4,800, reflecting optimism about the company’s growth potential.

Advisors Asset Management Inc. raised its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 21.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,203 shares of the company's stock after buying an additional 215 shares during the quarter. Advisors Asset Management Inc.'s holdings in AutoZone were worth $4,587,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. AlphaCore Capital LLC purchased a new stake in AutoZone in the first quarter worth $27,000. Saudi Central Bank purchased a new stake in AutoZone in the first quarter worth $27,000. Financial Network Wealth Advisors LLC grew its stake in AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock worth $38,000 after purchasing an additional 4 shares during the period. Cornerstone Planning Group LLC purchased a new stake in AutoZone in the first quarter worth $44,000. Finally, Minot DeBlois Advisors LLC purchased a new stake in AutoZone in the fourth quarter worth $45,000. 92.74% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP K. Michelle Borninkhof sold 750 shares of the company's stock in a transaction 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 completion of the sale, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the sale, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

AutoZone Stock Performance

Shares of AZO stock traded up $47.44 during mid-day trading on Tuesday, hitting $4,290.32. The company's stock had a trading volume of 93,047 shares, compared to its average volume of 128,604. The stock has a market cap of $71.99 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 2.22 and a beta of 0.41. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,291.12. The business has a 50-day moving average price of $3,940.19 and a 200 day moving average price of $3,753.48.

Analysts Set New Price Targets

AZO has been the topic of several recent research reports. BMO Capital Markets reaffirmed an "outperform" rating and issued a $4,100.00 price target (up from $3,850.00) on shares of AutoZone in a research note on Wednesday, May 28th. Morgan Stanley reiterated an "overweight" rating and set a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a research note on Wednesday, May 28th. Finally, JPMorgan Chase & Co. lifted their price objective on AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $4,148.90.

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.