Allstate Corp Has $2.32 Million Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Allstate Corp increased its stake in AutoZone, Inc. by 19.4% in the first quarter, now holding shares valued at $2.32 million.
• Chairman William C. Rhodes III sold 27,500 shares of AutoZone stock, representing a 76.29% decrease in his position, while CFO Jamere Jackson also significantly reduced his holdings by selling 2,612 shares.
• Analyst ratings for AutoZone have improved, with multiple firms setting higher price targets; Oppenheimer raised its rating to "outperform" with a target price of $4,600.

Allstate Corp grew its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 19.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 609 shares of the company's stock after acquiring an additional 99 shares during the quarter. Allstate Corp's holdings in AutoZone were worth $2,322,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. AlphaCore Capital LLC acquired a new position in AutoZone during the 1st quarter worth approximately $27,000. Financial Network Wealth Advisors LLC boosted its position in AutoZone by 66.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock worth $38,000 after acquiring an additional 4 shares during the last quarter. Cornerstone Planning Group LLC acquired a new position in AutoZone during the 1st quarter worth approximately $44,000. Clearstead Trust LLC acquired a new position in AutoZone during the 1st quarter worth approximately $46,000. Finally, Tradewinds Capital Management LLC boosted its position in AutoZone by 30.0% during the 1st 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. Institutional investors and hedge funds own 92.74% of the company's stock.

Analyst Ratings Changes

AZO has been the subject of a number of recent research reports. UBS Group upped their price target on AutoZone from $4,025.00 to $4,260.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Oppenheimer upgraded AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price objective on the stock in a research note on Friday, May 2nd. 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. Evercore ISI upped their price objective on AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a research note on Monday, August 18th. Finally, DA Davidson upped their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Three analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $4,101.29.

AutoZone Stock Performance

AZO traded up $23.50 during trading hours on Wednesday, reaching $4,203.67. The company's stock had a trading volume of 109,818 shares, compared to its average volume of 130,210. AutoZone, Inc. has a 52 week low of $2,898.57 and a 52 week high of $4,216.02. The company's 50-day moving average is $3,831.83 and its 200-day moving average is $3,702.38. The firm has a market cap of $70.54 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 2.48 and a beta of 0.38.

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

Insider Buying and Selling

In related news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the sale, the vice president directly owned 2,925 shares of the company's stock, valued at $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the sale, the senior vice president directly 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. In the last 90 days, insiders sold 33,862 shares of company stock valued at $126,058,789. 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.