Solidarity Wealth LLC Reduces Stock Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• Solidarity Wealth LLC reduced its stake in AutoZone, Inc. by 4.2% in the first quarter, now holding 3,872 shares valued at approximately $14.76 million.
• Several institutional investors, including Tradewinds Capital Management LLC and Golden State Wealth Management LLC, made changes to their positions in AutoZone during the same period.
• Wall Street analysts have set aggressive price targets for AutoZone, with a consensus price target of $4,087.00, reflecting bullish sentiment on the stock.

Solidarity Wealth LLC lessened its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 4.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,872 shares of the company's stock after selling 170 shares during the period. AutoZone comprises approximately 3.6% of Solidarity Wealth LLC's holdings, making the stock its 9th biggest position. Solidarity Wealth LLC's holdings in AutoZone were worth $14,763,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AZO. Headlands Technologies LLC bought a new position in shares of AutoZone in the fourth quarter worth about $29,000. Cornerstone Planning Group LLC bought a new stake in shares of AutoZone during the 1st quarter valued at $44,000. Minot DeBlois Advisors LLC bought a new stake in AutoZone during the fourth quarter valued at about $45,000. Tradewinds Capital Management LLC raised its holdings in AutoZone by 30.0% during the first quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock valued at $50,000 after acquiring an additional 3 shares during the period. Finally, Golden State Wealth Management LLC raised its holdings in AutoZone by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 14 shares of the company's stock valued at $53,000 after acquiring an additional 7 shares during the period. Institutional investors own 92.74% of the company's stock.

Insiders Place Their Bets

In other news, CFO Jamere Jackson sold 2,612 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $1,591,877.35. This represents a 85.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP K. Michelle Borninkhof sold 750 shares of the company's stock in a transaction dated 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 owned 406 shares in the company, valued at approximately $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,862 shares of company stock worth $126,058,789. Insiders own 2.10% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on AZO. Oppenheimer raised AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 target price on the stock in a research note on Friday, May 2nd. Truist Financial set a $3,995.00 price objective on shares of AutoZone in a research report on Friday, May 23rd. BMO Capital Markets reiterated an "outperform" rating and set a $4,100.00 price objective (up previously from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Roth Capital set a $4,135.00 price objective on shares of AutoZone and gave the company a "buy" rating in a research report on Monday, June 2nd. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $4,000.00 price target (up from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. Two 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. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $4,087.00.

AutoZone Stock Down 1.2%

NYSE:AZO traded down $44.68 during mid-day trading on Thursday, hitting $3,798.43. 80,304 shares of the stock traded hands, compared to its average volume of 132,970. The stock has a market capitalization of $63.74 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 2.31 and a beta of 0.39. AutoZone, Inc. has a 52 week low of $2,898.57 and a 52 week high of $3,919.50. The firm's 50 day moving average is $3,708.95 and its two-hundred day moving average is $3,607.04.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The business 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 company's quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company posted $36.69 EPS. As a group, research analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone 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.