Empire Life Investments Inc. Has $22.65 Million Stake in AutoZone, Inc. (NYSE:AZO)

Key Points

• Empire Life Investments Inc. reduced its stake in AutoZone, Inc. by 2.2% in Q1 2023, now holding 5,940 shares worth approximately $22.6 million.
• Insider trading reports indicate that AutoZone's VP sold 3,000 shares for about $11.6 million, reducing their ownership by 50.63%.
• Analysts have raised their price targets for AutoZone, with consensus now at an average of $4,087, signifying a strong buy rating from numerous investment analysts.

Empire Life Investments Inc. reduced its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,940 shares of the company's stock after selling 136 shares during the period. AutoZone accounts for 1.5% of Empire Life Investments Inc.'s investment portfolio, making the stock its 24th biggest holding. Empire Life Investments Inc.'s holdings in AutoZone were worth $22,648,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Tandem Wealth Advisors LLC lifted its position in AutoZone by 3.6% during the 4th quarter. Tandem Wealth Advisors LLC now owns 87 shares of the company's stock worth $279,000 after acquiring an additional 3 shares during the last quarter. United Capital Financial Advisors LLC lifted its position in AutoZone by 0.3% during the 4th quarter. United Capital Financial Advisors LLC now owns 1,120 shares of the company's stock worth $3,585,000 after acquiring an additional 3 shares during the last quarter. Forum Financial Management LP lifted its position in AutoZone by 2.2% during the 4th 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. Focus Financial Network Inc. lifted its position in AutoZone by 2.9% during the 1st quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock worth $400,000 after acquiring an additional 3 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its position in AutoZone by 2.2% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock worth $538,000 after acquiring an additional 3 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other AutoZone news, Chairman William C. Rhodes III sold 27,500 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the sale, the chairman directly owned 8,546 shares in the company, valued at approximately $31,696,515.78. This trade represents a 76.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP K. Michelle Borninkhof sold 750 shares of the stock in a transaction on 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 completion of the sale, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,862 shares of company stock valued at $126,058,789. 2.10% of the stock is currently owned by company insiders.

AutoZone Stock Up 1.7%

NYSE AZO traded up $69.97 during trading hours on Wednesday, hitting $4,081.22. The company's stock had a trading volume of 109,255 shares, compared to its average volume of 118,641. The stock has a fifty day moving average of $3,716.88 and a 200 day moving average of $3,628.70. AutoZone, Inc. has a twelve month low of $2,898.57 and a twelve month high of $4,094.69. The firm has a market capitalization of $68.48 billion, a P/E ratio of 27.62, a PEG ratio of 2.39 and a beta of 0.38.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share for the quarter, missing the consensus estimate of $37.07 by ($1.71). The firm had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.41 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the business posted $36.69 earnings per share. On average, analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Analysts Set New Price Targets

AZO has been the topic of several research reports. Mizuho boosted their price objective on shares of AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Oppenheimer upgraded shares of AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price objective on the stock in a report on Friday, May 2nd. Roth Capital set a $4,135.00 price objective on shares of AutoZone and gave the stock a "buy" rating in a 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 research note on Monday, May 19th. Finally, Wall Street Zen raised shares of AutoZone from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, AutoZone has a consensus rating of "Buy" and an average target price of $4,087.00.

AutoZone Company Profile

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.