Kayne Anderson Rudnick Investment Management LLC Cuts Position in AutoZone, Inc. $AZO

Key Points

• Kayne Anderson Rudnick Investment Management LLC has cut its stake in AutoZone, Inc. by 27.6%, selling 176 shares in the first quarter, leaving the firm with 462 shares valued at approximately $1.76 million.
• AutoZone reported earnings with $35.36 EPS, below analysts' expectations of $37.07 EPS, although its quarterly revenue increased by 5.4% year-over-year.
• Several analysts have provided price targets for AutoZone, with a consensus target of $4,101.29, reflecting a strong positive outlook for the company as most ratings are categorized as "Buy" or "Strong Buy."

Kayne Anderson Rudnick Investment Management LLC decreased its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 27.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 462 shares of the company's stock after selling 176 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in AutoZone were worth $1,762,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of AZO. Brighton Jones LLC lifted its holdings in AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock valued at $356,000 after acquiring an additional 14 shares during the period. Integrated Wealth Concepts LLC increased its position in AutoZone by 2.4% in the fourth quarter. Integrated Wealth Concepts LLC now owns 257 shares of the company's stock worth $824,000 after buying an additional 6 shares in the last quarter. Johnson Financial Group Inc. raised its stake in shares of AutoZone by 35.0% in the fourth quarter. Johnson Financial Group Inc. now owns 27 shares of the company's stock worth $89,000 after buying an additional 7 shares during the period. Northern Trust Corp raised its stake in shares of AutoZone by 22.0% in the fourth quarter. Northern Trust Corp now owns 204,748 shares of the company's stock worth $655,603,000 after buying an additional 36,916 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of AutoZone by 4.4% in the fourth quarter. AQR Capital Management LLC now owns 43,224 shares of the company's stock worth $137,324,000 after buying an additional 1,822 shares during the period. Institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. UBS Group raised their price objective on AutoZone from $4,025.00 to $4,260.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Guggenheim raised their price objective on AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Mizuho raised their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Morgan Stanley reaffirmed an "overweight" rating and issued a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Finally, DA Davidson raised their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $4,101.29.

AutoZone Price Performance

Shares of NYSE:AZO traded up $8.51 during trading on Monday, hitting $4,205.60. 89,713 shares of the company's stock were exchanged, compared to its average volume of 104,344. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,229.68. The business's 50-day simple moving average is $3,867.16 and its 200 day simple moving average is $3,720.07. The company has a market cap of $70.58 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 2.51 and a beta of 0.41.

Insider Buying and Selling

In related news, SVP K. Michelle Borninkhof sold 750 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the completion of the sale, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction dated 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 sale, the vice president owned 2,925 shares of the company's stock, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,250 shares of company stock worth $116,321,123. 2.10% of the stock is owned by corporate insiders.

About AutoZone

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.