Alyeska Investment Group L.P. Makes New Investment in AutoZone, Inc. $AZO

Key Points

• Alyeska Investment Group L.P. has acquired a new stake in AutoZone, Inc. during the 1st quarter, purchasing 119 shares valued at approximately $454,000.
• Insider transactions have seen VP Richard Craig Smith sell 3,000 shares for over $11.6 million, marking a significant reduction of 50.63% in his ownership.
• Analysts have raised price targets for AutoZone, with Bank of America increasing its target from $3,900 to $4,800, reflecting a bullish outlook on the stock.

Alyeska Investment Group L.P. bought a new position in AutoZone, Inc. (NYSE:AZO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 119 shares of the company's stock, valued at approximately $454,000.

Several other hedge funds have also recently modified their holdings of AZO. Forum Financial Management LP increased its holdings in shares of AutoZone by 2.2% in the 4th quarter. Forum Financial Management LP now owns 138 shares of the company's stock valued at $443,000 after acquiring an additional 3 shares during the period. Wealthcare Advisory Partners LLC increased its holdings in shares of AutoZone by 2.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after purchasing an additional 3 shares during the period. Focus Financial Network Inc. raised its position in AutoZone by 2.9% during the 1st quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock worth $400,000 after buying an additional 3 shares during the last quarter. Blue Trust Inc. raised its position in AutoZone by 3.5% during the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock worth $339,000 after buying an additional 3 shares during the last quarter. Finally, Rappaport Reiches Capital Management LLC raised its position in AutoZone by 4.8% during the 1st quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock worth $252,000 after buying an additional 3 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

Shares of AZO traded up $76.99 during mid-day trading on Thursday, reaching $4,329.89. The stock had a trading volume of 95,901 shares, compared to its average volume of 128,235. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,388.11. The business's fifty day moving average is $3,963.00 and its 200 day moving average is $3,760.65. The firm has a market cap of $72.66 billion, a price-to-earnings ratio of 29.31, a P/E/G ratio of 2.26 and a beta of 0.41.

Wall Street Analyst Weigh In

AZO has been the subject of a number of analyst reports. Evercore ISI upped their price target on AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a report on Monday, August 18th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 28th. Wall Street Zen raised AutoZone from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Truist Financial set a $3,995.00 price target on shares of AutoZone in a report on Friday, May 23rd. Finally, Wells Fargo & Company set a $4,200.00 price target on shares of AutoZone and gave the stock an "overweight" rating in a report on Monday, May 19th. 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's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $4,229.38.

Insider Transactions at AutoZone

In related news, SVP K. Michelle Borninkhof sold 750 shares of the company'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 owned 406 shares of the company's stock, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction dated 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 completion of the sale, the vice president directly owned 2,925 shares of the company's stock, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Corporate 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.