AutoZone, Inc. (NYSE:AZO) Stake Lowered by Conning Inc.

Conning Inc. cut its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 60.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 86 shares of the company's stock after selling 134 shares during the period. Conning Inc.'s holdings in AutoZone were worth $328,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. D.A. Davidson & CO. lifted its position in shares of AutoZone by 15.7% during the first quarter. D.A. Davidson & CO. now owns 1,281 shares of the company's stock worth $4,884,000 after purchasing an additional 174 shares in the last quarter. Smart Money Group LLC lifted its holdings in AutoZone by 17.4% in the 1st quarter. Smart Money Group LLC now owns 276 shares of the company's stock worth $1,052,000 after buying an additional 41 shares in the last quarter. Resonant Capital Advisors LLC lifted its holdings in AutoZone by 1.1% in the 1st quarter. Resonant Capital Advisors LLC now owns 1,333 shares of the company's stock worth $5,082,000 after buying an additional 14 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in AutoZone by 1.9% in the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock worth $1,220,000 after buying an additional 6 shares in the last quarter. Finally, Detalus Advisors LLC acquired a new position in AutoZone in the 1st quarter worth $233,000. 92.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Oppenheimer upgraded AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price target on the stock in a research note on Friday, May 2nd. The Goldman Sachs Group set a $3,811.00 target price on AutoZone in a research report on Friday, May 23rd. Morgan Stanley reaffirmed 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. Guggenheim upped their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, Truist Financial set a $3,995.00 target price on shares of AutoZone in a research note on Friday, May 23rd. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, AutoZone currently has a consensus rating of "Buy" and an average target price of $4,087.00.

AutoZone Stock Up 0.5%

NYSE AZO traded up $19.22 during trading hours on Monday, hitting $3,788.48. The company had a trading volume of 115,769 shares, compared to its average volume of 130,327. AutoZone, Inc. has a fifty-two week low of $2,802.79 and a fifty-two week high of $3,916.81. The business has a fifty day simple moving average of $3,705.07 and a 200-day simple moving average of $3,552.20. The firm has a market cap of $63.57 billion, a P/E ratio of 25.64, a price-to-earnings-growth ratio of 2.25 and a beta of 0.39.

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

Insider Activity

In other news, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction 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 transaction, the senior vice president directly owned 406 shares of the company's stock, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jamere Jackson sold 2,612 shares of AutoZone stock in a transaction 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 owned 427 shares in the company, valued at approximately $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 have sold a total of 35,662 shares of company stock worth $131,999,089 over the last ninety days. 2.10% of the stock is owned by company insiders.

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.