AutoZone, Inc. (NYSE:AZO) Stock Holdings Reduced by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC lessened its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 22.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 14,994 shares of the company's stock after selling 4,409 shares during the quarter. AutoZone comprises approximately 2.8% of Cornerstone Investment Partners LLC's holdings, making the stock its 20th largest position. Cornerstone Investment Partners LLC owned approximately 0.09% of AutoZone worth $57,169,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Narus Financial Partners LLC acquired a new position in AutoZone during the 1st quarter worth $233,000. Leavell Investment Management Inc. bought a new stake in shares of AutoZone in the 1st quarter worth $553,000. Quotient Wealth Partners LLC raised its stake in shares of AutoZone by 4.9% in the 1st quarter. Quotient Wealth Partners LLC now owns 85 shares of the company's stock worth $323,000 after buying an additional 4 shares in the last quarter. Bridges Investment Management Inc. raised its stake in shares of AutoZone by 5.5% in the 1st quarter. Bridges Investment Management Inc. now owns 8,232 shares of the company's stock worth $31,387,000 after buying an additional 427 shares in the last quarter. Finally, Moloney Securities Asset Management LLC raised its stake in shares of AutoZone by 2.5% in the 1st quarter. Moloney Securities Asset Management LLC now owns 283 shares of the company's stock worth $1,079,000 after buying an additional 7 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insiders Place Their Bets

In other news, VP Domingo Hurtado sold 4,800 shares of AutoZone stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $3,660.00, for a total transaction of $17,568,000.00. Following the transaction, the vice president owned 159 shares in the company, valued at approximately $581,940. The trade was a 96.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman William C. Rhodes III sold 27,500 shares of AutoZone stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the transaction, the chairman owned 8,546 shares in the company, valued at $31,696,515.78. This represents a 76.29% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,662 shares of company stock worth $131,999,089. 2.10% of the stock is owned by corporate insiders.

AutoZone Stock Performance

Shares of AZO stock traded down $26.32 on Friday, reaching $3,702.16. 105,635 shares of the company's stock traded hands, compared to its average volume of 130,844. AutoZone, Inc. has a 12-month low of $2,894.02 and a 12-month high of $3,916.81. The company has a market capitalization of $62.12 billion, a P/E ratio of 25.06, a price-to-earnings-growth ratio of 2.21 and a beta of 0.39. The business's 50 day moving average price is $3,704.16 and its two-hundred day moving average price is $3,565.22.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results 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 net margin of 13.56% and a negative return on equity of 56.07%. The business had revenue of $4.46 billion for the quarter, compared to analysts' expectations of $4.41 billion. During the same quarter in the prior year, the firm posted $36.69 EPS. The business's quarterly revenue was up 5.4% compared to the same quarter last year. Research analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. The Goldman Sachs Group set a $3,811.00 price objective on AutoZone in a research note on Friday, May 23rd. Evercore ISI set a $3,950.00 price objective on AutoZone in a research note on Monday, May 19th. Morgan Stanley reissued an "overweight" rating and issued a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Truist Financial set a $3,995.00 price objective on AutoZone in a research note on Friday, May 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Two 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price 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.