AutoZone, Inc. $AZO Position Cut by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has reduced its stake in AutoZone, Inc. by 11.6%, holding approximately 67,329 shares valued at $256.7 million as of the latest quarter.
• Insider selling has occurred significantly, with SVP K. Michelle Borninkhof and Chairman William C. Rhodes III selling large amounts of stock, reflecting a decrease in their positions by 64.88% and 76.29% respectively.
• AutoZone's stock has shown growth, with a recent opening at $4,128.69 and a market cap of $69.29 billion, as analysts set target prices ranging from $4,000 to $4,800 amidst strong investment interest.

Wellington Management Group LLP decreased its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,329 shares of the company's stock after selling 8,807 shares during the quarter. Wellington Management Group LLP owned approximately 0.40% of AutoZone worth $256,711,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of AutoZone by 0.8% in the first quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company's stock worth $6,709,967,000 after acquiring an additional 13,643 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of AutoZone by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after acquiring an additional 65,368 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of AutoZone by 435,031.1% in the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock worth $2,936,535,000 after acquiring an additional 770,005 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of AutoZone by 5.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 324,616 shares of the company's stock worth $1,039,421,000 after acquiring an additional 17,518 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in 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 buying an additional 26,036 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Buying and Selling

In related news, CFO Jamere Jackson sold 2,612 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $3,728.05, for a total value of $9,737,666.60. Following the completion of the transaction, the chief financial officer directly owned 427 shares of the company's stock, valued at $1,591,877.35. This represents a 85.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP K. Michelle Borninkhof sold 750 shares of the stock in a transaction that occurred on 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 completion of the transaction, the senior vice president directly owned 406 shares of the company's stock, valued at $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,862 shares of company stock valued at $126,058,789 over the last three months. 2.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Morgan Stanley reissued an "overweight" rating and issued a $4,000.00 price objective (up from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. DA Davidson boosted their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. boosted their price objective on AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Wells Fargo & Company set a $4,200.00 price objective on AutoZone and gave the company an "overweight" rating in a report on Monday, May 19th. Finally, Guggenheim boosted their price objective on AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $4,101.29.

AutoZone Stock Down 0.6%

Shares of NYSE:AZO traded down $23.34 during trading on Friday, hitting $4,104.35. 119,356 shares of the company traded hands, compared to its average volume of 110,413. The stock has a market capitalization of $68.88 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 2.46 and a beta of 0.38. The business's fifty day moving average is $3,809.57 and its 200-day moving average is $3,690.97. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,187.39.

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

AutoZone 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.