Sovran Advisors LLC Sells 115 Shares of AutoZone, Inc. $AZO

Key Points

• Sovran Advisors LLC reduced its stake in AutoZone by 45.3% during the second quarter, now holding only 139 shares valued at $520,000 according to the latest SEC filing.
• VP Richard Craig Smith sold 3,000 shares of AutoZone's stock, representing a 50.63% decrease in his ownership, with total sales amounting to approximately $11.6 million.
• Analyst ratings for AutoZone remain strong, with three analysts rating it as a Strong Buy and an average price target of $4,399.18, reflecting positive market sentiment.

Sovran Advisors LLC trimmed its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 45.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 139 shares of the company's stock after selling 115 shares during the quarter. Sovran Advisors LLC's holdings in AutoZone were worth $520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. AlphaCore Capital LLC bought a new position in AutoZone in the 1st quarter worth approximately $27,000. Saudi Central Bank bought a new stake in AutoZone during the 1st quarter worth about $27,000. Financial Network Wealth Advisors LLC lifted its position in AutoZone by 66.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock worth $38,000 after buying an additional 4 shares in the last quarter. Cornerstone Planning Group LLC bought a new stake in shares of AutoZone in the 1st quarter valued at about $44,000. Finally, Clearstead Trust LLC bought a new position in AutoZone in the 1st quarter valued at about $46,000. 92.74% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction that occurred on 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 sale, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Roth Capital increased their price target on shares of AutoZone from $4,135.00 to $4,800.00 and gave the stock a "buy" rating in a research report on Friday. Evercore ISI increased their price target on shares of AutoZone from $4,250.00 to $4,500.00 and gave the stock an "outperform" rating in a research report on Thursday. UBS Group increased their price target on shares of AutoZone from $4,260.00 to $4,925.00 and gave the stock a "buy" rating in a research report on Thursday, September 11th. Guggenheim increased their price objective on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of AutoZone from $4,200.00 to $4,850.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $4,449.18.

AutoZone Stock Down 0.2%

NYSE AZO traded down $7.86 during trading hours on Monday, hitting $4,132.50. The company had a trading volume of 106,260 shares, compared to its average volume of 129,289. The firm has a market cap of $69.35 billion, a P/E ratio of 27.97, a price-to-earnings-growth ratio of 2.29 and a beta of 0.41. AutoZone, Inc. has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,388.11. The business has a fifty day simple moving average of $4,034.29 and a 200-day simple moving average of $3,801.55.

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.