Adage Capital Partners GP L.L.C. Reduces Stock Position in AutoZone, Inc. $AZO

Key Points

• Adage Capital Partners reduced its stake in AutoZone by 24.7%, now owning about 0.17% of the company valued at approximately $109.2 million.
• Insider selling included SVP K. Michelle Borninkhof and VP Richard Craig Smith, who sold shares totaling over $14 million, indicating a significant decrease in their ownership positions.
• Several analysts have raised their price targets for AutoZone, with Guggenheim and UBS Group now targeting prices of $4,100 and $4,260 respectively, reflecting positive market sentiment.

Adage Capital Partners GP L.L.C. lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 24.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,648 shares of the company's stock after selling 9,389 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.17% of AutoZone worth $109,229,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. AlphaCore Capital LLC acquired a new stake in AutoZone in the 1st quarter worth about $27,000. Saudi Central Bank acquired a new position in AutoZone in the first quarter valued at $27,000. Financial Network Wealth Advisors LLC boosted its holdings in AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after acquiring an additional 4 shares during the last quarter. Cornerstone Planning Group LLC acquired a new position in shares of AutoZone in the 1st quarter valued at about $44,000. Finally, Clearstead Trust LLC acquired a new position in shares of AutoZone in the 1st quarter valued at about $46,000. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Stock Performance

Shares of NYSE AZO traded down $16.65 during midday trading on Friday, reaching $4,216.31. 92,444 shares of the company's stock were exchanged, compared to its average volume of 95,411. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,248.14. The stock has a market capitalization of $70.75 billion, a PE ratio of 28.54, a price-to-earnings-growth ratio of 2.23 and a beta of 0.41. The business's fifty day moving average price is $3,929.54 and its two-hundred day moving average price is $3,742.59.

Insiders Place Their Bets

In other AutoZone news, SVP K. Michelle Borninkhof sold 750 shares of AutoZone 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 $1,460,434.78. The trade was a 64.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction that occurred 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 sale, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,250 shares of company stock worth $116,321,123 in the last three months. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AZO shares. Citigroup lifted their price objective on AutoZone from $3,900.00 to $4,900.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company set a $4,200.00 price objective on AutoZone and gave the company an "overweight" rating in a research note on Monday, May 19th. Mizuho lifted their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. UBS Group lifted their price objective on AutoZone from $4,025.00 to $4,260.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Truist Financial set a $3,995.00 price objective on AutoZone in a research note on Friday, May 23rd. 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 company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $4,148.90.

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.