Dorsey Asset Management LLC Sells 5,789 Shares of AutoZone, Inc. $AZO

Key Points

• Dorsey Asset Management cut its stake in AutoZone by 16.2% in Q3, selling 5,789 shares and leaving it with 29,878 shares (AutoZone is ~11.5% of Dorsey’s holdings, worth about $128.2M).
• Insiders have sold a total of 9,447 AutoZone shares (~$34.18M) in the past three months, including VP Richard Craig Smith’s sale of 5,910 shares for $21.867M (a 69.23% reduction in his holding).
• Institutional ownership is very high at 92.74% with major inflows from firms like Laurel Wealth Advisors and Norges Bank, and analysts give an average rating of "Moderate Buy" with a mean price target of about $4,318.38.

Dorsey Asset Management LLC cut its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 16.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,878 shares of the company's stock after selling 5,789 shares during the period. AutoZone accounts for approximately 11.5% of Dorsey Asset Management LLC's holdings, making the stock its 5th biggest holding. Dorsey Asset Management LLC owned approximately 0.18% of AutoZone worth $128,184,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Laurel Wealth Advisors LLC grew its position in AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock valued at $3,472,724,000 after acquiring an additional 935,230 shares during the period. Norges Bank purchased a new position in shares of AutoZone in the 2nd quarter worth about $981,202,000. Vontobel Holding Ltd. raised its holdings in shares of AutoZone by 277.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company's stock worth $440,037,000 after purchasing an additional 75,382 shares during the period. Evelyn Partners Investment Management Services Ltd lifted its stake in shares of AutoZone by 1,185.5% in the 2nd quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company's stock valued at $240,126,000 after purchasing an additional 59,653 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock valued at $432,059,000 after purchasing an additional 45,212 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AutoZone

In other news, VP Richard Craig Smith sold 5,910 shares of AutoZone stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total transaction of $21,867,000.00. Following the sale, the vice president directly owned 2,627 shares of the company's stock, valued at approximately $9,719,900. The trade was a 69.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George R. Mrkonic, Jr. sold 97 shares of the business's stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total value of $324,173.03. Following the completion of the transaction, the director owned 3,564 shares in the company, valued at approximately $11,910,852.36. This trade represents a 2.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,447 shares of company stock worth $34,179,923 over the last three months. Insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AZO shares. Weiss Ratings reissued a "hold (c+)" rating on shares of AutoZone in a research report on Monday, December 29th. Morgan Stanley lifted their price target on shares of AutoZone from $4,000.00 to $4,020.00 and gave the company an "overweight" rating in a research report on Wednesday, March 4th. Robert W. Baird lowered shares of AutoZone from an "outperform" rating to a "neutral" rating and set a $3,900.00 price objective for the company. in a research report on Monday, February 9th. The Goldman Sachs Group raised their target price on shares of AutoZone from $4,274.00 to $4,345.00 and gave the company a "buy" rating in a research note on Wednesday, March 4th. Finally, BMO Capital Markets reduced their target price on shares of AutoZone from $4,400.00 to $4,300.00 and set an "outperform" rating on the stock in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $4,318.38.

AutoZone Stock Down 1.6%

NYSE AZO opened at $3,557.90 on Friday. AutoZone, Inc. has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11. The business has a 50 day moving average price of $3,649.70 and a two-hundred day moving average price of $3,802.35. The stock has a market cap of $58.95 billion, a PE ratio of 24.93, a P/E/G ratio of 1.82 and a beta of 0.41.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, March 3rd. The company reported $27.63 EPS for the quarter, topping analysts' consensus estimates of $27.59 by $0.04. The business had revenue of $4.27 billion for the quarter, compared to analysts' expectations of $4.31 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The business's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $28.29 earnings per share. Sell-side analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone Profile

AutoZone, Inc NYSE: AZO is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.

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