Ascent Group LLC Boosts Stock Position in AutoZone, Inc. $AZO

Key Points

• Ascent Group LLC has increased its stake in AutoZone, Inc. by 28.7%, now owning 493 shares valued at approximately $1.88 million.
• Several other institutional investors have also raised their stakes in AutoZone, with 92.74% of the stock currently owned by institutional investors.
• Wall Street analysts have positive outlooks on AutoZone, with a consensus target price of $4,148.90 and multiple analysts issuing "buy" ratings.

Ascent Group LLC lifted its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 28.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 493 shares of the company's stock after buying an additional 110 shares during the period. Ascent Group LLC's holdings in AutoZone were worth $1,880,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AZO. AlphaCore Capital LLC bought a new position in AutoZone during the 1st quarter worth approximately $27,000. Saudi Central Bank purchased a new stake in shares of AutoZone during the first quarter valued at approximately $27,000. Financial Network Wealth Advisors LLC grew its holdings 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 during the last quarter. Cornerstone Planning Group LLC purchased a new position in shares of AutoZone in the first quarter worth $44,000. Finally, Minot DeBlois Advisors LLC purchased a new position in shares of AutoZone in the fourth quarter worth $45,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AZO. Raymond James Financial reissued a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 28th. Citigroup increased their target price on shares of AutoZone from $3,900.00 to $4,900.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Truist Financial set a $3,995.00 target price on AutoZone in a research note on Friday, May 23rd. Wells Fargo & Company set a $4,200.00 price target on AutoZone and gave the company an "overweight" rating in a research report on Monday, May 19th. Finally, Barclays increased their price objective on AutoZone from $3,916.00 to $4,610.00 and gave the stock an "overweight" rating in a report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, AutoZone currently has a consensus rating of "Buy" and a consensus target price of $4,229.38.

AutoZone Stock Down 0.6%

Shares of NYSE:AZO traded down $27.17 during trading on Friday, hitting $4,327.37. The stock had a trading volume of 100,875 shares, compared to its average volume of 128,482. The company has a market capitalization of $72.61 billion, a PE ratio of 29.29, a PEG ratio of 2.24 and a beta of 0.41. The firm's fifty day moving average is $3,976.63 and its 200 day moving average is $3,767.21. AutoZone, Inc. has a 12 month low of $2,898.57 and a 12 month high of $4,388.11.

Insider Buying and Selling at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction on 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 completion of the transaction, the vice president owned 2,925 shares in the company, valued at approximately $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction on Friday, June 20th. The shares were 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 owned 406 shares in the company, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

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.