Verition Fund Management LLC Acquires 1,439 Shares of AutoZone, Inc. (NYSE:AZO)

Verition Fund Management LLC increased its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 270.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,971 shares of the company's stock after acquiring an additional 1,439 shares during the period. Verition Fund Management LLC's holdings in AutoZone were worth $6,209,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new position in shares of AutoZone in the 3rd quarter valued at about $36,000. Meeder Asset Management Inc. lifted its stake in shares of AutoZone by 50.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 15 shares of the company's stock valued at $44,000 after purchasing an additional 5 shares during the period. Carolina Wealth Advisors LLC acquired a new position in shares of AutoZone in the 3rd quarter valued at about $47,000. Darwin Wealth Management LLC acquired a new position in AutoZone during the 3rd quarter worth approximately $47,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new position in AutoZone during the 2nd quarter worth approximately $50,000. 92.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AZO. Redburn Atlantic raised AutoZone to a "strong-buy" rating in a report on Tuesday, October 1st. Truist Financial upped their target price on AutoZone from $3,341.00 to $3,501.00 and gave the company a "buy" rating in a report on Monday, October 14th. Roth Mkm reaffirmed a "buy" rating and issued a $3,634.00 target price on shares of AutoZone in a report on Wednesday, October 16th. Morgan Stanley upped their price objective on AutoZone from $3,038.00 to $3,125.00 and gave the company an "overweight" rating in a research note on Wednesday, September 25th. Finally, UBS Group upped their price objective on AutoZone from $3,340.00 to $3,500.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, AutoZone currently has a consensus rating of "Moderate Buy" and a consensus target price of $3,216.44.

Insider Buying and Selling

In other news, VP John Scott Murphy sold 1,580 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the sale, the vice president now directly owns 1,218 shares of the company's stock, valued at $3,785,166.42. This represents a 56.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman William C. Rhodes III sold 13,000 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the transaction, the chairman now owns 13,857 shares in the company, valued at approximately $43,055,777.55. This trade represents a 48.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,880 shares of company stock valued at $46,225,660 over the last 90 days. 2.10% of the stock is currently owned by company insiders.

AutoZone Price Performance

Shares of NYSE:AZO traded up $12.92 during midday trading on Tuesday, reaching $3,192.44. The company had a trading volume of 129,958 shares, compared to its average volume of 136,404. The stock's fifty day moving average price is $3,126.70 and its 200-day moving average price is $3,041.13. The stock has a market capitalization of $53.95 billion, a P/E ratio of 21.32, a PEG ratio of 1.61 and a beta of 0.71. AutoZone, Inc. has a one year low of $2,510.00 and a one year high of $3,256.37.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share for the quarter, missing the consensus estimate of $53.31 by ($5.20). AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The business had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter in the previous year, the firm earned $46.46 EPS. The firm's revenue for the quarter was up 9.0% on a year-over-year basis. As a group, sell-side analysts forecast that AutoZone, Inc. will post 158.09 earnings per share for the current year.

About AutoZone

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.