SCS Capital Management LLC Buys Shares of 65 AutoZone, Inc. $AZO

Key Points

• SCS Capital Management LLC purchased a new stake in AutoZone, acquiring 65 shares valued at approximately $248,000 in the first quarter, as per their SEC filing.
• Institutional investors and hedge funds now own 92.74% of AutoZone's shares, indicating significant investor confidence in the company.
• Analysts have set a range of price targets for AutoZone, with the average target at $4,229.38 and ratings including three "Strong Buy" and eighteen "Buy".

SCS Capital Management LLC bought a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 65 shares of the company's stock, valued at approximately $248,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Forum Financial Management LP lifted its stake in AutoZone by 2.2% in the fourth quarter. Forum Financial Management LP now owns 138 shares of the company's stock valued at $443,000 after buying an additional 3 shares during the period. Focus Financial Network Inc. lifted its stake in AutoZone by 2.9% in the first quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock valued at $400,000 after buying an additional 3 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in AutoZone by 2.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after buying an additional 3 shares during the period. Rappaport Reiches Capital Management LLC lifted its stake in AutoZone by 4.8% in the first quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock valued at $252,000 after buying an additional 3 shares during the period. Finally, Blue Trust Inc. lifted its stake in AutoZone by 3.5% in the first quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after buying an additional 3 shares during the period. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Performance

NYSE:AZO opened at $4,327.37 on Friday. The company has a market cap of $72.61 billion, a PE ratio of 29.29, a PEG ratio of 2.30 and a beta of 0.41. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,388.11. The stock has a 50-day simple moving average of $3,989.84 and a 200 day simple moving average of $3,773.46.

Analysts Set New Price Targets

AZO has been the topic of several analyst reports. The Goldman Sachs Group set a $3,811.00 target price on AutoZone in a research note on Friday, May 23rd. JPMorgan Chase & Co. increased their price target on AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Truist Financial set a $3,995.00 price target on AutoZone in a report on Friday, May 23rd. Mizuho increased their price target on AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Finally, Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 28th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $4,229.38.

Insider Transactions at AutoZone

In related news, 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 transaction of $11,627,700.00. Following the completion of the transaction, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $2,697,847.50. Following the transaction, the senior vice president owned 406 shares of the company's stock, valued at approximately $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

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.

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