Alliancebernstein L.P. Grows Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Alliancebernstein L.P. increased its stake in AutoZone, Inc. by 4.3%, now owning approximately 0.94% of the company, valued at $604,276,000.
• Insider transactions revealed that Chairman William C. Rhodes III sold 27,500 shares for over $101 million, representing a 76.29% decrease in his ownership.
• Wall Street analysts have given AutoZone an average rating of "Buy" with a target price of approximately $4,101.29, reflecting optimism about the company's growth potential.

Alliancebernstein L.P. lifted its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 158,487 shares of the company's stock after buying an additional 6,549 shares during the period. Alliancebernstein L.P. owned about 0.94% of AutoZone worth $604,276,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AlphaCore Capital LLC bought a new position in shares of AutoZone in the first quarter worth approximately $27,000. Saudi Central Bank bought a new position in AutoZone in the first quarter worth approximately $27,000. Financial Network Wealth Advisors LLC increased its stake in shares of 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 in the last quarter. Cornerstone Planning Group LLC purchased a new stake in shares of AutoZone in the first quarter worth $44,000. Finally, Minot DeBlois Advisors LLC purchased a new position in AutoZone during the fourth quarter valued at $45,000. Institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on AZO. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a research note on Wednesday, May 28th. UBS Group raised their target price on shares of AutoZone from $4,025.00 to $4,260.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. 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 report on Wednesday, May 28th. Mizuho increased their price objective on shares of AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Finally, The Goldman Sachs Group set a $3,811.00 price target on shares of AutoZone in a research note on Friday, May 23rd. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $4,148.90.

AutoZone Stock Up 0.8%

Shares of AutoZone stock traded up $35.09 on Monday, reaching $4,254.50. The stock had a trading volume of 42,732 shares, compared to its average volume of 128,383. The stock has a market capitalization of $71.39 billion, a P/E ratio of 28.79, a P/E/G ratio of 2.22 and a beta of 0.41. AutoZone, Inc. has a 1 year low of $2,898.57 and a 1 year high of $4,250.00. The company has a 50 day moving average price of $3,929.54 and a 200 day moving average price of $3,747.33.

Insiders Place Their Bets

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the business'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 owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP K. Michelle Borninkhof sold 750 shares of the business'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 directly owned 406 shares in the company, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,250 shares of company stock valued at $116,321,123. Insiders own 2.10% of the company's stock.

AutoZone Company 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.