Erste Asset Management GmbH Sells 11,260 Shares of AutoZone, Inc. $AZO

Key Points

• Erste Asset Management GmbH has reduced its stake in AutoZone, Inc. by 56.6%, selling 11,260 shares, and now holds approximately 0.05% of the company's stock worth $32.76 million.
• Insider sales at AutoZone have been significant, with total insider transactions of $126 million in the past three months, representing a decrease in ownership for several executives.
• Analysts have set new price targets for AutoZone, with Oppenheimer upgrading the stock to an "outperform" rating and setting a price objective of $4,600.

Erste Asset Management GmbH lowered its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 56.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,640 shares of the company's stock after selling 11,260 shares during the period. Erste Asset Management GmbH owned 0.05% of AutoZone worth $32,756,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Forum Financial Management LP increased its holdings in AutoZone by 2.2% in the fourth quarter. Forum Financial Management LP now owns 138 shares of the company's stock worth $443,000 after buying an additional 3 shares during the last quarter. Focus Financial Network Inc. increased its holdings in AutoZone by 2.9% in the first quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock worth $400,000 after buying an additional 3 shares during the last quarter. Wealthcare Advisory Partners LLC increased its holdings in AutoZone by 2.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock worth $538,000 after buying an additional 3 shares during the last quarter. Rappaport Reiches Capital Management LLC increased 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 worth $252,000 after buying an additional 3 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in AutoZone by 3.5% in the first quarter. Blue Trust Inc. now owns 89 shares of the company's stock worth $339,000 after buying an additional 3 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on AZO shares. DA Davidson increased their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. BMO Capital Markets restated an "outperform" rating and issued a $4,100.00 price objective (up previously from $3,850.00) on shares of AutoZone in a report on Wednesday, May 28th. Morgan Stanley reiterated an "overweight" rating and set a $4,000.00 price target (up previously from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. The Goldman Sachs Group set a $3,811.00 price target on AutoZone in a report on Friday, May 23rd. Finally, Mizuho increased their price target on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Three 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $4,101.29.

Insiders Place Their Bets

In other news, VP Richard Craig Smith sold 3,000 shares of the 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 of the company's stock, valued at approximately $11,337,007.50. This represents 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 this hyperlink. Also, CFO Jamere Jackson sold 2,612 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $3,728.05, for a total value of $9,737,666.60. Following the completion of the sale, the chief financial officer directly owned 427 shares of the company's stock, valued at $1,591,877.35. This represents a 85.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,862 shares of company stock valued at $126,058,789 over the last ninety days. 2.10% of the stock is owned by insiders.

AutoZone Stock Performance

Shares of AZO traded down $23.34 during mid-day trading on Friday, hitting $4,104.35. The company's stock had a trading volume of 119,356 shares, compared to its average volume of 110,413. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,187.39. The firm has a market capitalization of $68.88 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 2.46 and a beta of 0.38. The stock's 50-day moving average is $3,809.57 and its two-hundred day moving average is $3,690.97.

AutoZone (NYSE:AZO - Get Free Report) last posted 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). 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 during the quarter, compared to the consensus estimate of $4.41 billion. During the same period in the prior year, the company posted $36.69 earnings per share. The firm's revenue was up 5.4% compared to the same quarter last year. Analysts expect that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

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.