AutoZone, Inc. $AZO Shares Purchased by Dark Forest Capital Management LP

Key Points

• Dark Forest Capital Management LP increased its stake in AutoZone, Inc. by 520.8% during Q1, now owning 987 shares valued at approximately $3.76 million.
• Notable insider selling occurred with Chairman William C. Rhodes III offloading 27,500 shares, reducing his stake by 76.29% and raising $101.99 million.
• Several research firms have set new price targets for AutoZone, with estimates rising to as high as $4,350, reflecting strong investor interest and positive ratings.

Dark Forest Capital Management LP grew its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 520.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 987 shares of the company's stock after acquiring an additional 828 shares during the quarter. Dark Forest Capital Management LP's holdings in AutoZone were worth $3,763,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Forum Financial Management LP boosted its holdings in AutoZone by 2.2% in the fourth quarter. Forum Financial Management LP now owns 138 shares of the company's stock valued at $443,000 after purchasing an additional 3 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in AutoZone by 2.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after purchasing an additional 3 shares during the last quarter. Focus Financial Network Inc. boosted its holdings in AutoZone by 2.9% in the first quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock valued at $400,000 after purchasing an additional 3 shares during the last quarter. Blue Trust Inc. boosted its holdings in AutoZone by 3.5% in the first quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after purchasing an additional 3 shares during the last quarter. Finally, Rappaport Reiches Capital Management LLC boosted its holdings in AutoZone by 4.8% in the first quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock valued at $252,000 after purchasing an additional 3 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP K. Michelle Borninkhof sold 750 shares of the firm'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 value of $2,697,847.50. Following the sale, the senior vice president owned 406 shares of the company's stock, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was 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 in the company, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,250 shares of company stock valued at $116,321,123. Insiders own 2.10% of the company's stock.

AutoZone Price Performance

Shares of NYSE AZO traded down $16.65 during mid-day trading on Friday, hitting $4,216.31. The company had a trading volume of 92,444 shares, compared to its average volume of 95,411. The stock has a market cap of $70.76 billion, a price-to-earnings ratio of 28.54, a PEG ratio of 2.22 and a beta of 0.41. AutoZone, Inc. has a 12 month low of $2,898.57 and a 12 month high of $4,248.14. The firm's 50 day simple moving average is $3,929.54 and its two-hundred day simple moving average is $3,744.98.

Analysts Set New Price Targets

A number of brokerages recently commented on AZO. BMO Capital Markets reissued an "outperform" rating and issued a $4,100.00 price target (up previously from $3,850.00) on shares of AutoZone in a report on Wednesday, May 28th. The Goldman Sachs Group set a $3,811.00 target price on AutoZone in a report on Friday, May 23rd. Morgan Stanley reaffirmed an "overweight" rating and set a $4,000.00 target price (up previously from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. JPMorgan Chase & Co. increased their target price on AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Finally, DA Davidson increased their target price on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, AutoZone has a consensus rating of "Buy" and a consensus target price of $4,148.90.

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.