Vancity Investment Management Ltd Decreases Stake in AutoZone, Inc. $AZO

Vancity Investment Management Ltd reduced its position in AutoZone, Inc. (NYSE:AZO) by 5.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 4,890 shares of the company’s stock after selling 285 shares during the period. AutoZone accounts for approximately 2.3% of Vancity Investment Management Ltd’s portfolio, making the stock its 13th largest holding. Vancity Investment Management Ltd’s holdings in AutoZone were worth $15,628,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in shares of AutoZone by 320,651.9% in the second quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company’s stock valued at $254,646,043,000 after purchasing an additional 79,653,139 shares during the period. BlackRock Inc. purchased a new stake in shares of AutoZone during the 2nd quarter valued at approximately $3,938,566,000. Morgan Stanley boosted its holdings in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after buying an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in AutoZone by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock worth $1,312,654,000 after buying an additional 7,390 shares during the period. Finally, Norges Bank purchased a new position in AutoZone in the 4th quarter valued at approximately $939,205,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Stock Performance

Shares of AZO stock opened at $2,981.99 on Monday. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The company has a market capitalization of $48.70 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.49 and a beta of 0.34. The business’s fifty day moving average is $3,036.29 and its 200 day moving average is $3,276.84.

AutoZone declared that its Board of Directors has approved a stock buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

AZO has been the subject of a number of analyst reports. Jefferies Financial Group cut their price target on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Evercore reissued an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Piper Sandler set a $3,500.00 target price on AutoZone in a research note on Monday, August 31st. Guggenheim reduced their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3,999.04.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by insiders.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.