AutoZone, Inc. (NYSE:AZO) Shares Sold by Burgundy Asset Management Ltd.

Key Points

• Burgundy Asset Management Ltd. reduced its holdings in AutoZone shares by 38.4%, owning approximately 0.07% of the company worth about $44.7 million after selling 7,313 shares recently.
• Insider trading activity included the sale of 33,862 shares by company insiders in the past 90 days, totaling approximately $126 million.
• AutoZone's stock price opened at $4,007.93 with a market cap of $67.26 billion, and analysts have set an average price target of $4,087.00 for the stock.

Burgundy Asset Management Ltd. cut its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 38.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,722 shares of the company's stock after selling 7,313 shares during the period. Burgundy Asset Management Ltd. owned approximately 0.07% of AutoZone worth $44,693,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AZO. AlphaCore Capital LLC purchased a new stake in shares of AutoZone in the 1st quarter valued at approximately $27,000. Financial Network Wealth Advisors LLC lifted its position in shares of AutoZone by 66.7% in the 1st 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 in the last quarter. Cornerstone Planning Group LLC purchased a new stake in shares of AutoZone in the 1st quarter valued at approximately $44,000. Clearstead Trust LLC purchased a new stake in shares of AutoZone in the 1st quarter valued at approximately $46,000. Finally, Tradewinds Capital Management LLC lifted its position in shares of AutoZone by 30.0% in the 1st quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock valued at $50,000 after acquiring an additional 3 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AutoZone

In related news, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction 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 transaction, the senior vice president directly owned 406 shares in the company, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jamere Jackson sold 2,612 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $3,728.05, for a total transaction of $9,737,666.60. Following the completion of the transaction, the chief financial officer owned 427 shares in the company, valued at $1,591,877.35. The trade was a 85.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,862 shares of company stock worth $126,058,789. Company insiders own 2.10% of the company's stock.

AutoZone Stock Up 0.4%

Shares of AZO opened at $4,007.93 on Friday. The company's fifty day moving average is $3,765.61 and its 200-day moving average is $3,668.31. AutoZone, Inc. has a 12 month low of $2,898.57 and a 12 month high of $4,094.69. The firm has a market cap of $67.26 billion, a price-to-earnings ratio of 27.13, a price-to-earnings-growth ratio of 2.39 and a beta of 0.38.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AZO shares. BMO Capital Markets restated an "outperform" rating and issued a $4,100.00 price target (up previously from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Wall Street Zen upgraded shares of AutoZone from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. The Goldman Sachs Group set a $3,811.00 price objective on shares of AutoZone in a research note on Friday, May 23rd. Oppenheimer raised shares of AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 target price for the company in a research note on Friday, May 2nd. Finally, Bank of America upgraded shares of AutoZone from a "neutral" rating to a "buy" rating and boosted their price target for the company from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $4,087.00.

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.

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