AutoZone, Inc. (NYSE:AZO) Position Cut by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its stake in AutoZone by 5.7% during the first quarter, now holding 3,300 shares valued at approximately $12.58 million.
• Multiple hedge funds have increased or acquired stakes in AutoZone, with institutional investors currently owning 92.74% of the company’s stock.
• Analysts are optimistic about AutoZone's stock, with most ratings being "buy" and a consensus price target of $4,087, following recent upgrades by major firms like Bank of America and Guggenheim.

Forsta AP Fonden lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 5.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,300 shares of the company's stock after selling 200 shares during the quarter. Forsta AP Fonden's holdings in AutoZone were worth $12,582,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Bristlecone Advisors LLC acquired a new position in shares of AutoZone during the first quarter worth about $244,000. Savvy Advisors Inc. acquired a new position in shares of AutoZone during the first quarter worth about $240,000. Citigroup Inc. lifted its stake in shares of AutoZone by 95.9% during the first quarter. Citigroup Inc. now owns 17,470 shares of the company's stock worth $66,609,000 after purchasing an additional 8,552 shares in the last quarter. LaSalle St. Investment Advisors LLC acquired a new position in shares of AutoZone during the first quarter worth about $212,000. Finally, AlphaCore Capital LLC acquired a new position in shares of AutoZone during the first quarter worth about $27,000. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Buying and Selling

In other news, SVP K. Michelle Borninkhof sold 750 shares of the company's 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 completion of the transaction, the senior vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jamere Jackson sold 2,612 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $3,728.05, for a total value of $9,737,666.60. Following the transaction, the chief financial officer directly owned 427 shares of the company's stock, valued at $1,591,877.35. This trade represents a 85.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,862 shares of company stock valued at $126,058,789 over the last three months. 2.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on AZO shares. Oppenheimer upgraded AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price objective on the stock in a research note on Friday, May 2nd. BMO Capital Markets reiterated an "outperform" rating and issued a $4,100.00 price target (up previously from $3,850.00) on shares of AutoZone in a research note on Wednesday, May 28th. Evercore ISI set a $3,950.00 price target on AutoZone in a research note on Monday, May 19th. The Goldman Sachs Group set a $3,811.00 price target on AutoZone in a research note on Friday, May 23rd. Finally, Wells Fargo & Company set a $4,200.00 price target on AutoZone and gave the stock an "overweight" rating in a research note on Monday, May 19th. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $4,087.00.

AutoZone Stock Up 0.1%

Shares of NYSE:AZO traded up $4.41 during trading on Monday, hitting $4,039.57. 96,363 shares of the company traded hands, compared to its average volume of 113,581. The stock has a market capitalization of $67.78 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 2.41 and a beta of 0.38. The business's fifty day moving average is $3,737.09 and its 200-day moving average is $3,646.80. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,094.69.

AutoZone (NYSE:AZO - Get Free Report) last posted its 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). The company had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $4.41 billion. AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the company posted $36.69 earnings per share. On average, analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

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.