Donoghue Forlines LLC Makes New Investment in AutoZone, Inc. (NYSE:AZO)

Key Points

• Donoghue Forlines LLC acquired a stake of 635 shares in AutoZone, Inc. valued at approximately $2,421,000, making it the firm's 18th largest holding.
• Analysts have issued primarily positive ratings for AutoZone, with price targets increased by major firms, indicating a consensus rating of "Buy" and an average target price of $4,087.00.
• Insider selling activity included VP Richard Craig Smith selling 3,000 shares valued at approximately $11.6 million, and Chairman William C. Rhodes III selling 27,500 shares for over $101.9 million.

Donoghue Forlines LLC bought a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 635 shares of the company's stock, valued at approximately $2,421,000. AutoZone accounts for 0.8% of Donoghue Forlines LLC's portfolio, making the stock its 18th largest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of AZO. AlphaCore Capital LLC bought a new position in AutoZone during the 1st quarter valued at about $27,000. Cornerstone Planning Group LLC bought a new position in shares of AutoZone in the 1st quarter worth approximately $44,000. Minot DeBlois Advisors LLC bought a new position in shares of AutoZone in the 4th quarter worth approximately $45,000. Clearstead Trust LLC bought a new position in shares of AutoZone in the 1st quarter worth approximately $46,000. Finally, Tradewinds Capital Management LLC lifted its stake in shares of AutoZone by 30.0% in the 1st quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock worth $50,000 after purchasing an additional 3 shares during the period. Institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

AutoZone stock traded up $4.41 during midday trading on Monday, hitting $4,039.57. 96,363 shares of the company were exchanged, compared to its average volume of 113,581. The company's fifty day moving average price is $3,737.09 and its 200-day moving average price is $3,646.80. The company has a market cap of $67.78 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 2.41 and a beta of 0.38. AutoZone, Inc. has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,094.69.

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 firm had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter last year, the firm posted $36.69 earnings per share. AutoZone's revenue was up 5.4% compared to the same quarter last year. On average, analysts expect that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on AZO. Evercore ISI set a $3,950.00 target price on shares of AutoZone in a report on Monday, May 19th. Truist Financial set a $3,995.00 price target on AutoZone in a research note on Friday, May 23rd. 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. Mizuho upped their target price on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 28th. Two research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $4,087.00.

Insiders Place Their Bets

In other 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 transaction of $11,627,700.00. Following the sale, the vice president owned 2,925 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman William C. Rhodes III sold 27,500 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the sale, 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 quarter, insiders have sold 33,862 shares of company stock worth $126,058,789. Insiders own 2.10% of the company's stock.

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.