Advisors Capital Management LLC Sells 343 Shares of AutoZone, Inc. $AZO

Key Points

• Advisors Capital Management LLC has reduced its holdings in AutoZone, Inc. by 18.4%, now owning 1,525 shares valued at approximately $5.8 million.
• Other hedge funds have significantly increased their positions in AutoZone, with GAMMA Investing LLC lifting its holdings by a staggering 435,031.1%.
• Analyst ratings for AutoZone remain strong, with the average target price set at $4,229.38 and recommendations leaning towards "Buy" or "Strong Buy".

Advisors Capital Management LLC lessened its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 18.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,525 shares of the company's stock after selling 343 shares during the quarter. Advisors Capital Management LLC's holdings in AutoZone were worth $5,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in AutoZone by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company's stock valued at $6,709,967,000 after acquiring an additional 13,643 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of AutoZone by 7.5% in the 1st quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock valued at $3,570,296,000 after purchasing an additional 65,368 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of AutoZone by 435,031.1% in the 1st quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock valued at $2,936,535,000 after purchasing an additional 770,005 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of AutoZone by 7.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company's stock valued at $1,331,870,000 after purchasing an additional 24,701 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of AutoZone by 4.3% in the 1st quarter. Alliancebernstein L.P. now owns 158,487 shares of the company's stock valued at $604,276,000 after purchasing an additional 6,549 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Performance

AZO stock traded down $27.17 during mid-day trading on Friday, hitting $4,327.37. 100,875 shares of the company were exchanged, compared to its average volume of 99,831. The firm has a market cap of $72.61 billion, a P/E ratio of 29.29, a P/E/G ratio of 2.28 and a beta of 0.41. The firm's 50 day simple moving average is $3,989.84 and its 200 day simple moving average is $3,776.14. AutoZone, Inc. has a 1-year low of $2,898.57 and a 1-year high of $4,388.11.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on AZO shares. Morgan Stanley reaffirmed an "overweight" rating and issued a $4,000.00 target price (up previously from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $4,100.00 target price (up previously from $3,850.00) on shares of AutoZone in a research note on Wednesday, May 28th. Bank of America raised shares of AutoZone from a "neutral" rating to a "buy" rating and raised their target price for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Guggenheim raised their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, Mizuho lifted their price objective on shares of AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, AutoZone currently has an average rating of "Buy" and an average target price of $4,229.38.

Insider Activity at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the sale, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. This trade represents a 50.63% 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 750 shares of the firm's 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 sale, the senior vice president owned 406 shares in the company, valued at $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

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.