AutoZone, Inc. $AZO Position Reduced by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC has reduced its stake in AutoZone, Inc. by 12.4%, now holding 866 shares worth approximately $3.2 million.
• Multiple hedge funds, including Banco Santander S.A., have increased their positions in AutoZone, contributing to 92.74% of the stock being owned by institutional investors.
• Analysts have generally rated AutoZone positively, with price targets ranging from $4,100 to $4,900, reflecting a strong consensus rating of "Buy" for the stock.

Exchange Traded Concepts LLC lowered its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 12.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 866 shares of the company's stock after selling 123 shares during the quarter. Exchange Traded Concepts LLC's holdings in AutoZone were worth $3,215,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. AlphaCore Capital LLC bought a new position in AutoZone in the first quarter valued at $27,000. Saudi Central Bank acquired a new stake in AutoZone in the first quarter valued at about $27,000. Financial Network Wealth Advisors LLC grew its position in AutoZone by 66.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock worth $38,000 after acquiring an additional 4 shares during the last quarter. Cornerstone Planning Group LLC bought a new stake in shares of AutoZone in the 1st quarter valued at $44,000. Finally, Clearstead Trust LLC acquired a new stake in shares of AutoZone during the 1st quarter worth approximately $46,000. Institutional investors own 92.74% of the company's stock.

AutoZone Trading Down 0.0%

Shares of AZO stock traded down $0.11 during trading hours on Friday, reaching $4,132.72. 184,590 shares of the company's stock were exchanged, compared to its average volume of 111,626. The stock's 50 day moving average is $4,034.29 and its 200-day moving average is $3,801.55. AutoZone, Inc. has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,388.11. The company has a market cap of $69.35 billion, a price-to-earnings ratio of 27.97, a P/E/G ratio of 2.29 and a beta of 0.41.

Insiders Place Their Bets

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction dated 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 completion of the transaction, the vice president owned 2,925 shares of the company's stock, valued at $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on AZO shares. Morgan Stanley reiterated an "overweight" rating and issued a $4,000.00 target price (up previously from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. BMO Capital Markets reissued an "outperform" rating and issued a $4,100.00 price target (up from $3,850.00) on shares of AutoZone in a research note on Wednesday, May 28th. Roth Capital raised their target price on shares of AutoZone from $4,135.00 to $4,800.00 and gave the stock a "buy" rating in a research report on Friday. Truist Financial increased their price objective on shares of AutoZone from $4,038.00 to $4,504.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Mizuho increased their target price 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 investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $4,399.18.

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.