Lansforsakringar Fondforvaltning AB publ Reduces Holdings in AutoZone, Inc. $AZO

Key Points

• Lansforsakringar Fondforvaltning AB publ reduced its stake in AutoZone, Inc. by 3.5% in the first quarter, holding 5,614 shares valued at $21,405,000 after selling 201 shares.
• Recent analyst upgrades have been notable, with several firms including UBS and Goldman Sachs raising their price targets for AutoZone stock, which currently has an average rating of "Buy" and a consensus target price of $4,101.29.
• Insider activity saw significant sales, including AutoZone Chairman William C. Rhodes III selling 27,500 shares valued at over $101 million, marking a 76.29% decrease in his ownership.

Lansforsakringar Fondforvaltning AB publ cut its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,614 shares of the company's stock after selling 201 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in AutoZone were worth $21,405,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in AutoZone by 0.8% in the 1st 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 during the period. JPMorgan Chase & Co. boosted its holdings in shares of AutoZone by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after purchasing an additional 65,368 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of AutoZone by 435,031.1% during the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock worth $2,936,535,000 after purchasing an additional 770,005 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of AutoZone by 7.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company's stock valued at $1,331,870,000 after purchasing an additional 24,701 shares during the period. Finally, Deutsche Bank AG increased its stake 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 purchasing an additional 26,036 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Stock Performance

AZO traded up $8.51 on Monday, reaching $4,205.60. 89,713 shares of the company's stock were exchanged, compared to its average volume of 104,344. The company has a market cap of $70.58 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 2.51 and a beta of 0.41. AutoZone, Inc. has a twelve month low of $2,898.57 and a twelve month high of $4,229.68. The company's 50 day moving average is $3,867.16 and its 200-day moving average is $3,720.07.

Insider Activity

In related news, Chairman William C. Rhodes III sold 27,500 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction dated 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 transaction, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,250 shares of company stock valued at $116,321,123. Company insiders own 2.10% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Mizuho raised their price target on AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Roth Capital set a $4,135.00 target price on shares of AutoZone and gave the stock a "buy" rating in a research report on Monday, June 2nd. Wells Fargo & Company set a $4,200.00 target price on shares of AutoZone and gave the company an "overweight" rating in a report on Monday, May 19th. Bank of America raised shares of AutoZone from a "neutral" rating to a "buy" rating and upped their price target for the stock from $3,900.00 to $4,800.00 in a research report on Wednesday, May 21st. Finally, Truist Financial set a $3,995.00 price target on shares of AutoZone in a report on Friday, May 23rd. Three analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $4,101.29.

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.