AutoZone, Inc. $AZO Shares Sold by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC reduced its stake in AutoZone by 2.3%, selling 120 shares and now holding 5,036 shares worth $19.2 million.
• A number of institutional investors increased their positions in AutoZone, with hedge funds owning 92.74% of the company's stock.
• AutoZone's stock received positive ratings from analysts, with target prices raised by several firms, leading to an average target of $4,101.29 and a consensus rating of "Buy."

MetLife Investment Management LLC reduced its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 2.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,036 shares of the company's stock after selling 120 shares during the period. MetLife Investment Management LLC's holdings in AutoZone were worth $19,201,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. AlphaCore Capital LLC acquired a new position in AutoZone during the first quarter worth about $27,000. Financial Network Wealth Advisors LLC grew its stake in AutoZone by 66.7% in 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 period. Cornerstone Planning Group LLC purchased a new stake in AutoZone in the 1st quarter worth approximately $44,000. Clearstead Trust LLC purchased a new stake in AutoZone in the 1st quarter worth approximately $46,000. Finally, Tradewinds Capital Management LLC boosted its holdings in shares of AutoZone by 30.0% in the 1st quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock valued at $50,000 after purchasing an additional 3 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AutoZone

In other AutoZone news, SVP K. Michelle Borninkhof sold 750 shares of AutoZone stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the transaction, the senior vice president owned 406 shares in the company, valued at $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman William C. Rhodes III sold 27,500 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the sale, the chairman owned 8,546 shares in the company, valued at $31,696,515.78. The trade was a 76.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,250 shares of company stock worth $116,321,123 over the last three months. 2.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Raymond James Financial reissued a "strong-buy" rating on shares of AutoZone in a research note on Wednesday, May 28th. Roth Capital set a $4,135.00 price objective on shares of AutoZone and gave the stock a "buy" rating in a report on Monday, June 2nd. Guggenheim lifted their price target on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. lifted their price target on shares of AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Finally, Oppenheimer raised AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price target on the stock in a report on Friday, May 2nd. Three investment 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 company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $4,101.29.

AutoZone Trading Up 0.2%

Shares of AZO stock traded up $8.51 on Friday, reaching $4,205.60. The company's stock had a trading volume of 62,515 shares, compared to its average volume of 129,572. The company has a market capitalization of $70.58 billion, a price-to-earnings ratio of 28.46, a price-to-earnings-growth ratio of 2.52 and a beta of 0.38. The stock's fifty day simple moving average is $3,855.93 and its 200-day simple moving average is $3,711.17. AutoZone, Inc. has a 1 year low of $2,898.57 and a 1 year high of $4,229.68.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%.The company had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter in the prior year, the business earned $36.69 earnings per share. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. Equities research analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone Company 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.