Panagora Asset Management Inc. Has $5.10 Million Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Panagora Asset Management Inc. increased its stake in AutoZone, Inc. by 201.8% during Q1, now holding 1,337 shares valued at approximately $5.1 million.
• Notable institutional investors, including GAMMA Investing LLC and JPMorgan Chase & Co., have significantly increased their holdings in AutoZone, contributing to 92.74% institutional ownership of the stock.
• Wall Street analysts have recently upgraded their ratings for AutoZone, with target prices ranging from $4,000 to $4,800, reflecting a strong bullish sentiment around the stock.

Panagora Asset Management Inc. increased its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 201.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,337 shares of the company's stock after purchasing an additional 894 shares during the period. Panagora Asset Management Inc.'s holdings in AutoZone were worth $5,098,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Forum Financial Management LP lifted its holdings in shares of 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 buying an additional 3 shares during the last quarter. Focus Financial Network Inc. raised its stake in AutoZone by 2.9% during the 1st quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock valued at $400,000 after purchasing an additional 3 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in AutoZone by 2.2% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after purchasing an additional 3 shares during the period. Rappaport Reiches Capital Management LLC boosted its holdings in AutoZone by 4.8% in the 1st quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock valued at $252,000 after purchasing an additional 3 shares during the period. Finally, Blue Trust Inc. grew its position in AutoZone by 3.5% in the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock worth $339,000 after purchasing an additional 3 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

Wall Street Analysts Forecast Growth

AZO has been the subject of several research reports. DA Davidson increased their target price on shares of AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Citigroup raised their price objective on AutoZone from $3,900.00 to $4,900.00 and gave the stock a "buy" rating in a research report on Wednesday. Wells Fargo & Company set a $4,200.00 price objective on AutoZone and gave the company an "overweight" rating in a research report on Monday, May 19th. Evercore ISI raised their target price on AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a research report on Monday, August 18th. Finally, Mizuho lifted their price target on shares of AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. 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 company's stock. According to MarketBeat.com, AutoZone currently has an average rating of "Buy" and an average price target of $4,148.90.

AutoZone Trading Down 0.4%

AZO stock traded down $16.65 during trading on Friday, hitting $4,216.31. 92,444 shares of the stock traded hands, compared to its average volume of 95,352. The stock has a market cap of $70.75 billion, a price-to-earnings ratio of 28.54, 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 $4,248.14. The company has a 50 day simple moving average of $3,929.54 and a 200 day simple moving average of $3,747.33.

Insider Transactions at AutoZone

In related news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the sale, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman William C. Rhodes III sold 27,500 shares of the firm's 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 of the company's stock, valued at $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 have sold 31,250 shares of company stock valued at $116,321,123 in the last three months. 2.10% of the stock is owned by corporate insiders.

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.