AutoZone, Inc. $AZO Shares Acquired by Quarry LP

Key Points

• Quarry LP increased its stake in AutoZone, Inc. by 266.7%, owning 165 shares valued at approximately $629,000.
• Insider selling was evident with VP Richard Craig Smith selling 3,000 shares and Chairman William C. Rhodes III selling 27,500 shares, representing significant decreases in their positions.
• Research analysts have raised their price targets for AutoZone, with UBS Group increasing its target from $4,025 to $4,260, while Bank of America upgraded its rating from neutral to buy.

Quarry LP grew its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 266.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165 shares of the company's stock after buying an additional 120 shares during the quarter. Quarry LP's holdings in AutoZone were worth $629,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in AutoZone by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company's stock worth $6,709,967,000 after purchasing an additional 13,643 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in AutoZone by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after purchasing an additional 65,368 shares during the last quarter. GAMMA Investing LLC raised its holdings in AutoZone by 435,031.1% during the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock worth $2,936,535,000 after purchasing an additional 770,005 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of AutoZone by 7.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company's stock worth $1,331,870,000 after acquiring an additional 24,701 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of AutoZone by 14.6% in the fourth quarter. Deutsche Bank AG now owns 204,822 shares of the company's stock valued at $655,840,000 after acquiring an additional 26,036 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AZO. Morgan Stanley reiterated an "overweight" rating and set a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. The Goldman Sachs Group set a $3,811.00 price objective on AutoZone in a research report on Friday, May 23rd. BMO Capital Markets reiterated an "outperform" rating and set a $4,100.00 price objective (up previously from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Evercore ISI lifted their price objective on AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a research report on Monday, August 18th. Finally, UBS Group lifted their price objective on AutoZone from $4,025.00 to $4,260.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Three investment 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 data from MarketBeat.com, AutoZone has an average rating of "Buy" and a consensus price target of $4,148.90.

Insider Buying and Selling at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction, the chairman owned 8,546 shares in the company, valued at approximately $31,696,515.78. This represents a 76.29% 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 valued at $116,321,123. Company insiders own 2.10% of the company's stock.

AutoZone Price Performance

AZO stock traded up $42.64 during trading on Thursday, reaching $4,232.12. 54,137 shares of the stock traded hands, compared to its average volume of 128,921. The business's 50 day moving average price is $3,903.12 and its 200-day moving average price is $3,731.55. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,234.15. The firm has a market capitalization of $71.02 billion, a PE ratio of 28.64, a P/E/G ratio of 2.21 and a beta of 0.41.

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.