Focus Partners Wealth Has $62.94 Million Stake in AutoZone, Inc. $AZO

Key Points

• Focus Partners Wealth raised its AutoZone stake 43% in Q3 to 14,935 shares (about 0.09% ownership), valued at roughly $62.94 million.
• Insider selling has picked up recently — the VP sold 5,910 shares for $21.87 million and insiders sold 9,447 shares (~$34.18 million) in the past three months, while insiders still hold 2.60% of the company.
• Institutional and analyst backdrop: Institutions own 92.74% of AZO, analysts have a consensus "Moderate Buy" with a $4,312.13 target, and the stock trades near $3,490 with a P/E of 24.45.

Focus Partners Wealth grew its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 43.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,935 shares of the company's stock after purchasing an additional 4,492 shares during the period. Focus Partners Wealth owned approximately 0.09% of AutoZone worth $62,941,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in AutoZone by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company's stock valued at $7,711,912,000 after acquiring an additional 26,544 shares in the last quarter. Laurel Wealth Advisors LLC grew its stake in shares of AutoZone by 371,123.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock worth $3,472,724,000 after acquiring an additional 935,230 shares in the last quarter. State Street Corp grew its stake in shares of AutoZone by 1.6% during the 2nd quarter. State Street Corp now owns 714,091 shares of the company's stock worth $2,650,870,000 after acquiring an additional 11,088 shares in the last quarter. Norges Bank acquired a new stake in shares of AutoZone in the second quarter valued at approximately $981,202,000. Finally, Alliancebernstein L.P. lifted its position in shares of AutoZone by 0.5% in the third quarter. Alliancebernstein L.P. now owns 166,369 shares of the company's stock worth $713,763,000 after purchasing an additional 747 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AutoZone

In related 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 completion of the transaction, the vice president owned 2,627 shares in the company, valued at approximately $9,719,900. This trade represents a 69.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Earl G. Graves, Jr. sold 250 shares of the company's stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $3,295.00, for a total value of $823,750.00. Following the completion of the sale, the director owned 4,887 shares in the company, valued at $16,102,665. This represents a 4.87% 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 valued at $34,179,923 in the last three months. Corporate insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Truist Financial reduced their target price on shares of AutoZone from $4,076.00 to $4,045.00 and set a "buy" rating for the company in a report on Wednesday, March 4th. Wolfe Research cut shares of AutoZone from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, December 16th. TD Cowen reduced their price objective on shares of AutoZone from $4,400.00 to $4,250.00 and set a "buy" rating for the company in a research note on Monday. BMO Capital Markets decreased their price objective on AutoZone from $4,400.00 to $4,300.00 and set an "outperform" rating for the company in a report on Wednesday, March 4th. Finally, Morgan Stanley lifted their target price on AutoZone from $4,000.00 to $4,020.00 and gave the company an "overweight" rating in a research report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus target price of $4,312.13.

AutoZone Trading Down 2.0%

NYSE AZO opened at $3,490.55 on Tuesday. The firm has a market capitalization of $57.84 billion, a P/E ratio of 24.45, a price-to-earnings-growth ratio of 1.82 and a beta of 0.41. The firm's fifty day moving average price is $3,654.14 and its two-hundred day moving average price is $3,794.52. AutoZone, Inc. has a 1 year low of $3,210.72 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, March 3rd. The company reported $27.63 EPS for the quarter, beating analysts' consensus estimates of $27.59 by $0.04. The company had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $4.31 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The company's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $28.29 EPS. On average, research analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

About AutoZone

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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