Corebridge Financial Inc. Has $16.47 Million Stock Position in AutoZone, Inc. $AZO

Key Points

• Corebridge Financial Inc. reduced its stake in AutoZone, Inc. by 4.7%, now owning 4,320 shares valued at approximately $16.47 million.
• Regarding insider trading, Chairman William C. Rhodes III sold 27,500 shares, resulting in a 76.29% decrease in his position, while other executives also made significant stock sales.
• Analysts have increased their target prices for AutoZone, with Bank of America raising its target from $3,900 to $4,800, indicating growing optimism about the company's stock performance.

Corebridge Financial Inc. trimmed its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 4.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,320 shares of the company's stock after selling 212 shares during the period. Corebridge Financial Inc.'s holdings in AutoZone were worth $16,471,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after buying an additional 14 shares in the last quarter. MGO One Seven LLC raised its position in shares of AutoZone by 100.0% during the 4th quarter. MGO One Seven LLC now owns 142 shares of the company's stock worth $455,000 after buying an additional 71 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in shares of AutoZone by 2.4% during the 4th quarter. Integrated Wealth Concepts LLC now owns 257 shares of the company's stock worth $824,000 after buying an additional 6 shares in the last quarter. Coldstream Capital Management Inc. raised its position in shares of AutoZone by 6.8% during the 4th quarter. Coldstream Capital Management Inc. now owns 533 shares of the company's stock worth $1,707,000 after buying an additional 34 shares in the last quarter. Finally, Johnson Financial Group Inc. raised its position in shares of AutoZone by 35.0% during the 4th quarter. Johnson Financial Group Inc. now owns 27 shares of the company's stock worth $89,000 after buying an additional 7 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Price Performance

AutoZone stock traded up $8.51 during trading hours on Friday, hitting $4,205.60. The company had a trading volume of 89,713 shares, compared to its average volume of 105,104. The firm has a market capitalization of $70.57 billion, a P/E ratio of 28.46, a price-to-earnings-growth ratio of 2.51 and a beta of 0.38. The firm's fifty day moving average is $3,867.16 and its 200-day moving average is $3,716.39. AutoZone, Inc. has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,229.68.

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 the consensus estimate of $37.07 by ($1.71). The company had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.41 billion. AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $36.69 EPS. Analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Insiders Place Their Bets

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the sale, the vice president directly owned 2,925 shares of the company's stock, valued at $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP K. Michelle Borninkhof sold 750 shares of the business'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 sale, the senior vice president directly owned 406 shares of the company's stock, valued at $1,460,434.78. This represents a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,250 shares of company stock valued at $116,321,123 over the last ninety days. Corporate insiders own 2.10% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Guggenheim boosted their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Truist Financial set a $3,995.00 target price on shares of AutoZone in a report on Friday, May 23rd. The Goldman Sachs Group set a $3,811.00 target price on shares of AutoZone in a report on Friday, May 23rd. Bank of America upgraded shares of AutoZone from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Finally, JPMorgan Chase & Co. boosted their target price on shares of AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a report 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $4,101.29.

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.