Canada Pension Plan Investment Board Increases Stake in AutoZone, Inc. $AZO

Key Points

• The Canada Pension Plan Investment Board increased its stake in AutoZone, Inc. by 7.0%, owning 82,186 shares valued at approximately $313.36 million as of the latest SEC filing.
• Insider transactions saw Chairman William C. Rhodes III sell 27,500 shares for over $101 million, reflecting a 76.29% reduction in his ownership.
• Wall Street analysts have an average price target of $4,101.29 for AutoZone, with most ratings reflecting a strong buy sentiment amidst positive revenue growth.

Canada Pension Plan Investment Board boosted its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 7.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 82,186 shares of the company's stock after purchasing an additional 5,377 shares during the period. Canada Pension Plan Investment Board owned about 0.49% of AutoZone worth $313,357,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of AutoZone by 435,031.1% during the 1st 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 last quarter. Nuveen LLC purchased a new stake in shares of AutoZone during the first quarter valued at $442,530,000. JPMorgan Chase & Co. lifted its stake in shares of AutoZone by 7.5% in the 1st 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. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of AutoZone during the 4th quarter valued at approximately $95,480,000. Finally, Deutsche Bank AG raised its position in shares of 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 own 92.74% of the company's stock.

Insider Buying and Selling

In other news, SVP K. Michelle Borninkhof sold 750 shares of AutoZone stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the sale, the senior vice president directly owned 406 shares of the company's stock, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman William C. Rhodes III sold 27,500 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the completion of the sale, the chairman directly owned 8,546 shares in the company, valued at approximately $31,696,515.78. This represents a 76.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,250 shares of company stock worth $116,321,123 in the last three months. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AZO shares. Bank of America upgraded shares of AutoZone from a "neutral" rating to a "buy" rating and lifted their target price for the company from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Roth Capital set a $4,135.00 price target on AutoZone and gave the stock a "buy" rating in a report on Monday, June 2nd. JPMorgan Chase & Co. increased their target price on shares of AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. The Goldman Sachs Group set a $3,811.00 price objective on shares of AutoZone in a research report on Friday, May 23rd. Finally, Guggenheim raised their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $4,101.29.

AutoZone Trading Down 0.5%

Shares of NYSE:AZO traded down $21.86 during trading on Tuesday, reaching $4,176.67. 95,039 shares of the stock were exchanged, compared to its average volume of 129,630. The firm has a market cap of $70.08 billion, a PE ratio of 28.27, a PEG ratio of 2.51 and a beta of 0.41. AutoZone, Inc. has a 12 month low of $2,898.57 and a 12 month high of $4,229.68. The stock has a 50-day moving average price of $3,877.21 and a 200-day moving average price of $3,725.27.

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.