Alliancebernstein L.P. Boosts Holdings in AutoZone, Inc. $AZO

Key Points

• AllianceBernstein increased its stake in AutoZone by 0.5% in the 3rd quarter to 166,369 shares (about 1.00% of the company), a position valued at roughly $713.8 million.
• Insider selling accelerated recently: two directors sold shares on Jan 2 and insiders have sold 9,447 shares worth about $34.18 million over the past 90 days, while insiders own 2.60% of the stock.
• Analysts maintain a positive view with a consensus rating of "Moderate Buy" and a consensus price target of about $4,318.38, even as recent quarterly EPS slightly beat estimates and revenue narrowly missed.

Alliancebernstein L.P. boosted its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 0.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 166,369 shares of the company's stock after acquiring an additional 747 shares during the period. Alliancebernstein L.P. owned 1.00% of AutoZone worth $713,763,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raleigh Capital Management Inc. bought a new stake in shares of AutoZone in the 3rd quarter worth approximately $26,000. Global Trust Asset Management LLC grew its holdings in AutoZone by 600.0% during the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company's stock valued at $30,000 after purchasing an additional 6 shares during the period. Loomis Sayles & Co. L P bought a new position in AutoZone during the second quarter valued at $33,000. Salomon & Ludwin LLC purchased a new stake in AutoZone in the third quarter worth $34,000. Finally, AlphaCore Capital LLC lifted its position in shares of AutoZone by 42.9% during the 2nd quarter. AlphaCore Capital LLC now owns 10 shares of the company's stock valued at $37,000 after buying an additional 3 shares during the last quarter. 92.74% of the stock is owned by institutional investors.

Insider Activity

In other AutoZone news, Director George R. Mrkonic, Jr. sold 97 shares of the company's stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total value of $324,173.03. Following the completion of the sale, the director owned 3,564 shares of the company's stock, valued at $11,910,852.36. This represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Earl G. Graves, Jr. sold 250 shares of AutoZone stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $3,295.00, for a total transaction of $823,750.00. Following the transaction, the director directly owned 4,887 shares in the company, valued at $16,102,665. This trade represents a 4.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 9,447 shares of company stock valued at $34,179,923. 2.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Robert W. Baird lowered AutoZone from an "outperform" rating to a "neutral" rating and set a $3,900.00 price objective for the company. in a report on Monday, February 9th. Oppenheimer reiterated an "outperform" rating and set a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. Truist Financial dropped their price objective on AutoZone from $4,076.00 to $4,045.00 and set a "buy" rating on the stock in a report on Wednesday, March 4th. Wells Fargo & Company cut their target price on AutoZone from $4,700.00 to $4,500.00 and set an "overweight" rating for the company in a research note on Wednesday, December 10th. Finally, Citigroup upped their price target on AutoZone from $4,200.00 to $4,300.00 and gave the company a "buy" rating in a research report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $4,318.38.

AutoZone Price Performance

AZO stock opened at $3,557.90 on Friday. The firm has a 50 day simple moving average of $3,649.70 and a two-hundred day simple moving average of $3,802.35. The stock has a market cap of $58.95 billion, a PE ratio of 24.93, a P/E/G ratio of 1.82 and a beta of 0.41. AutoZone, Inc. has a one year low of $3,210.72 and a one year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $27.59 by $0.04. The company had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $4.31 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The firm's revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $28.29 EPS. On average, research analysts expect that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone Company Profile

AutoZone, Inc NYSE: AZO is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.

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