AQR Capital Management LLC Sells 5,735 Shares of AutoZone, Inc. $AZO

Key Points

• AQR Capital Management LLC reduced its stake in AutoZone, Inc. by 13.3%, selling 5,735 shares and owning approximately 0.22% of the company post-sale.
• Wall Street analysts have raised their price targets for AutoZone, with estimates reaching as high as $4,350.00, reflecting a consensus rating of "Buy" for the stock.
• Insider trading activity observed includes significant sell-offs, with insiders selling a total of 31,250 shares valued at over $116 million in the last quarter.

AQR Capital Management LLC cut its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 13.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,489 shares of the company's stock after selling 5,735 shares during the period. AQR Capital Management LLC owned 0.22% of AutoZone worth $142,938,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AZO. Brighton Jones LLC boosted its position in AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock valued at $356,000 after buying an additional 14 shares in the last quarter. Aptus Capital Advisors LLC lifted its position in shares of AutoZone by 2.3% during the fourth quarter. Aptus Capital Advisors LLC now owns 266 shares of the company's stock worth $852,000 after purchasing an additional 6 shares in the last quarter. Bank of America Corp DE lifted its position in shares of AutoZone by 18.7% during the fourth quarter. Bank of America Corp DE now owns 122,538 shares of the company's stock worth $392,367,000 after purchasing an additional 19,265 shares in the last quarter. Baird Financial Group Inc. lifted its position in shares of AutoZone by 2.2% during the fourth quarter. Baird Financial Group Inc. now owns 1,271 shares of the company's stock worth $4,072,000 after purchasing an additional 27 shares in the last quarter. Finally, Cary Street Partners Financial LLC acquired a new position in shares of AutoZone during the fourth quarter worth approximately $429,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Stock Performance

NYSE:AZO traded down $4.63 during trading hours on Tuesday, hitting $4,238.26. The stock had a trading volume of 40,146 shares, compared to its average volume of 128,276. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,259.21. The company has a market cap of $71.12 billion, a price-to-earnings ratio of 28.69, a P/E/G ratio of 2.22 and a beta of 0.41. The business's 50 day moving average is $3,940.19 and its 200-day moving average is $3,753.48.

Insider Activity at AutoZone

In other AutoZone news, SVP K. Michelle Borninkhof sold 750 shares of the company's stock in a transaction that occurred on 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the company'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 completion of the sale, the vice president directly owned 2,925 shares of the company's stock, valued at $11,337,007.50. The trade was a 50.63% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on AZO shares. DA Davidson upped their target price on shares of AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Bank of America upgraded shares of AutoZone from a "neutral" rating to a "buy" rating and upped their target price for the stock from $3,900.00 to $4,800.00 in a research report on Wednesday, May 21st. Wall Street Zen raised shares of AutoZone from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Truist Financial set a $3,995.00 price target on shares of AutoZone in a research note on Friday, May 23rd. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of AutoZone in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $4,148.90.

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.