Avanza Fonder AB Increases Position in AutoZone, Inc. $AZO

Key Points

• Avanza Fonder AB increased its stake in AutoZone, Inc. (NYSE:AZO) by 10.1% during Q2, now holding 1,563 shares valued at $5,802,000.
• The stock has a current price of $4,132.72 with a market cap of $69.35 billion and a P/E ratio of 27.97.
• Wall Street analysts have raised their price targets for AutoZone, with Wells Fargo increasing its forecast from $4,200 to $4,800 and a majority rating the stock as either Buy or Strong Buy.

Avanza Fonder AB increased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 10.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,563 shares of the company's stock after acquiring an additional 144 shares during the quarter. Avanza Fonder AB's holdings in AutoZone were worth $5,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Forum Financial Management LP increased its stake in AutoZone by 2.2% during the fourth quarter. Forum Financial Management LP now owns 138 shares of the company's stock worth $443,000 after acquiring an additional 3 shares during the last quarter. Wealthcare Advisory Partners LLC increased its position in AutoZone by 2.2% during the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after acquiring an additional 3 shares during the last quarter. Focus Financial Network Inc. raised its stake in shares of AutoZone by 2.9% in the first quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock valued at $400,000 after acquiring an additional 3 shares during the period. Blue Trust Inc. lifted its holdings in shares of AutoZone by 3.5% in the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock worth $339,000 after acquiring an additional 3 shares during the last quarter. Finally, Rappaport Reiches Capital Management LLC boosted its stake in shares of AutoZone by 4.8% during the 1st quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock worth $252,000 after purchasing an additional 3 shares during the period. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insider Activity

In related news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the transaction, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. This trade represents a 50.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by insiders.

AutoZone Stock Down 0.0%

Shares of AutoZone stock traded down $0.11 during midday trading on Friday, hitting $4,132.72. The company had a trading volume of 184,590 shares, compared to its average volume of 111,626. The stock has a market cap of $69.35 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 2.29 and a beta of 0.41. AutoZone, Inc. has a 12-month low of $2,898.57 and a 12-month high of $4,388.11. The company has a fifty day simple moving average of $4,034.29 and a 200 day simple moving average of $3,801.55.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on AZO shares. Mizuho increased their price target on AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Guggenheim boosted their price objective on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. UBS Group raised their target price on shares of AutoZone from $4,260.00 to $4,925.00 and gave the stock a "buy" rating in a research report on Thursday, September 11th. JPMorgan Chase & Co. increased their price objective on AutoZone from $4,200.00 to $4,850.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $4,100.00 target price (up from $3,850.00) on shares of AutoZone in a report on Wednesday, May 28th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, AutoZone presently has an average rating of "Buy" and an average target price of $4,399.18.

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.