AutoZone, Inc. $AZO Shares Sold by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC reduced its holdings in AutoZone by 18.2%, selling 1,322 shares and bringing total ownership to 5,939 shares valued at approximately $22.39 million.
• Research analysts have raised their price targets for AutoZone, with JPMorgan Chase increasing it from $4,200 to $4,850 and Barclays raising it from $3,916 to $4,610, reflecting a positive outlook on the stock.
• Institutional investors own 92.74% of AutoZone, indicating strong institutional support and interest in the company’s stock.

Wealth Enhancement Advisory Services LLC cut its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 18.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,939 shares of the company's stock after selling 1,322 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in AutoZone were worth $22,386,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in AutoZone by 435,031.1% in the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock valued at $2,936,535,000 after purchasing an additional 770,005 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its position in AutoZone by 7,358.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company's stock valued at $902,929,000 after purchasing an additional 239,970 shares during the period. Nuveen LLC purchased a new stake in AutoZone in the first quarter valued at approximately $442,530,000. JPMorgan Chase & Co. raised its position in AutoZone by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock valued at $3,570,296,000 after purchasing an additional 65,368 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in AutoZone in the fourth quarter valued at approximately $95,480,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AutoZone

In other news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were 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 of the company's stock, valued at $11,337,007.50. This trade represents a 50.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AZO has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on AutoZone in a research report on Thursday. They issued an "outperform" rating and a $4,741.00 target price on the stock. Guggenheim boosted their target price on AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Morgan Stanley reissued an "overweight" rating and issued a $4,000.00 target price (up previously from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. Raymond James Financial reissued a "strong-buy" rating and issued a $4,900.00 target price (up previously from $4,200.00) on shares of AutoZone in a research report on Tuesday, September 16th. Finally, DA Davidson upped their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $4,449.18.

AutoZone Price Performance

AutoZone stock traded down $25.29 during mid-day trading on Monday, reaching $4,115.07. The company had a trading volume of 192,617 shares, compared to its average volume of 129,785. AutoZone, Inc. has a 1 year low of $2,898.57 and a 1 year high of $4,388.11. The company has a market capitalization of $69.06 billion, a P/E ratio of 27.85, a P/E/G ratio of 2.29 and a beta of 0.41. The stock's 50-day simple moving average is $4,034.29 and its 200-day simple moving average is $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.