Eventide Asset Management LLC Acquires New Holdings in AutoZone, Inc. $AZO

Key Points

• Eventide Asset Management LLC has invested approximately $581,000 in a new position of 154 shares of AutoZone, Inc. during the first quarter.
• A significant decrease in insider holdings was noted as Chairman William C. Rhodes III sold 27,500 shares for over $101 million, reducing his position by 76.29%.
• Analysts have shown optimism regarding AutoZone's stock, with upgrades and target price increases from firms such as Mizuho and JPMorgan, indicating a consensus price target of around $4,148.90.

Eventide Asset Management LLC acquired a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 154 shares of the company's stock, valued at approximately $581,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in AutoZone by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company's stock worth $6,709,967,000 after buying an additional 13,643 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of AutoZone by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock valued at $3,570,296,000 after acquiring an additional 65,368 shares during the last quarter. GAMMA Investing LLC boosted its stake 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 worth $2,936,535,000 after acquiring an additional 770,005 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of AutoZone by 7.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company's stock worth $1,331,870,000 after acquiring an additional 24,701 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of AutoZone by 14.6% in the 4th quarter. Deutsche Bank AG now owns 204,822 shares of the company's stock worth $655,840,000 after acquiring an additional 26,036 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

AutoZone Price Performance

Shares of AZO stock traded up $47.44 on Tuesday, reaching $4,290.32. 93,054 shares of the stock were exchanged, compared to its average volume of 128,604. The stock has a market cap of $71.99 billion, a PE ratio of 29.04, a P/E/G ratio of 2.22 and a beta of 0.41. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,291.12. The stock has a 50 day moving average price of $3,940.19 and a 200 day moving average price of $3,753.48.

Insider Activity at AutoZone

In other news, 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 value of $2,697,847.50. Following the transaction, the senior vice president owned 406 shares of the company's stock, valued at $1,460,434.78. This represents a 64.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of AutoZone 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 sale, the vice president directly owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Morgan Stanley restated an "overweight" rating and set a $4,000.00 price target (up previously from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. Mizuho upped 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. Truist Financial set a $3,995.00 price target on AutoZone in a research report on Friday, May 23rd. Finally, Evercore ISI upped their target price on shares of AutoZone from $4,060.00 to $4,250.00 and gave the company an "outperform" rating in a research note on Monday, August 18th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, AutoZone presently has a consensus rating of "Buy" and a consensus price target of $4,148.90.

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.