Sheets Smith Wealth Management Has $482,000 Position in AutoZone, Inc. (NYSE:AZO)

Sheets Smith Wealth Management lifted its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 1,048.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,458 shares of the company’s stock after purchasing an additional 2,244 shares during the quarter. Sheets Smith Wealth Management’s holdings in AutoZone were worth $482,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in AutoZone by 5,037.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,392,892 shares of the company’s stock valued at $58,264,000 after buying an additional 1,365,781 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of AutoZone by 4.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,204,151 shares of the company’s stock worth $2,969,654,000 after purchasing an additional 48,141 shares during the last quarter. Moneta Group Investment Advisors LLC increased its position in shares of AutoZone by 107,977.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 699,260 shares of the company’s stock worth $1,724,500,000 after purchasing an additional 698,613 shares during the last quarter. Gateway Advisory LLC increased its position in shares of AutoZone by 250,309.8% during the 1st quarter. Gateway Advisory LLC now owns 535,877 shares of the company’s stock worth $536,000 after purchasing an additional 535,663 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of AutoZone by 368.0% during the 1st quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock worth $841,242,000 after purchasing an additional 323,536 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. 3M reaffirmed an “upgrade” rating on shares of AutoZone in a research report on Thursday, June 1st. Northcoast Research started coverage on AutoZone in a research note on Wednesday, June 28th. They set a “neutral” rating for the company. DA Davidson reduced their target price on AutoZone from $2,425.00 to $2,340.00 in a research note on Wednesday, May 24th. Wedbush boosted their price target on AutoZone from $2,600.00 to $2,750.00 in a research note on Monday, May 22nd. Finally, UBS Group upgraded AutoZone from a “neutral” rating to a “buy” rating and boosted their price target for the company from $2,800.00 to $2,900.00 in a research note on Friday, June 16th. Two investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, AutoZone has a consensus rating of “Moderate Buy” and a consensus price target of $2,714.42.

AutoZone Stock Up 1.8 %

Shares of AZO opened at $2,619.29 on Monday. AutoZone, Inc. has a 12-month low of $2,050.21 and a 12-month high of $2,750.00. The business has a 50-day simple moving average of $2,498.84 and a two-hundred day simple moving average of $2,509.31. The stock has a market cap of $47.56 billion, a PE ratio of 20.67, a PEG ratio of 1.43 and a beta of 0.66.

Insiders Place Their Bets

In other AutoZone news, VP Grant E. Mcgee sold 2,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $2,446.48, for a total value of $4,892,960.00. Following the sale, the vice president now owns 248 shares in the company, valued at approximately $606,727.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other AutoZone news, VP Charles Pleas III sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $2,546.55, for a total value of $10,695,510.00. Following the transaction, the vice president now owns 3,425 shares in the company, valued at $8,721,933.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Grant E. Mcgee sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $2,446.48, for a total value of $4,892,960.00. Following the completion of the transaction, the vice president now owns 248 shares in the company, valued at approximately $606,727.04. The disclosure for this sale can be found here. Insiders sold a total of 8,445 shares of company stock valued at $21,200,970 in the last 90 days. Corporate insiders own 2.59% of the company’s stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs.