Parnassus Investments LLC Has $993.74 Million Holdings in AutoZone, Inc. $AZO

Key Points

• Parnassus Investments LLC has reduced its stake in AutoZone, selling 17,908 shares and now holding 260,634 shares, which represents 1.55% of the company's total equity.
• AutoZone reported a quarterly EPS of $35.36, which missed the consensus estimate, although its revenue increased year-over-year by 5.4% to $4.46 billion.
• Several research firms, including UBS and Bank of America, have revised their price targets upwards, with the average target for AutoZone now at $4,101.29.

Parnassus Investments LLC lowered its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 6.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 260,634 shares of the company's stock after selling 17,908 shares during the quarter. AutoZone accounts for about 2.4% of Parnassus Investments LLC's investment portfolio, making the stock its 11th biggest holding. Parnassus Investments LLC owned about 1.55% of AutoZone worth $993,740,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. AlphaCore Capital LLC bought a new position in AutoZone in the first quarter valued at approximately $27,000. Financial Network Wealth Advisors LLC lifted its stake in AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after buying an additional 4 shares in the last quarter. Cornerstone Planning Group LLC bought a new position in AutoZone in the first quarter valued at approximately $44,000. Minot DeBlois Advisors LLC bought a new position in AutoZone in the fourth quarter valued at approximately $45,000. Finally, Clearstead Trust LLC bought a new position in AutoZone in the first quarter valued at approximately $46,000. Institutional investors own 92.74% of the company's stock.

Insider Activity

In other news, SVP K. Michelle Borninkhof sold 750 shares of the 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 completion of the sale, the senior vice president owned 406 shares of the company's stock, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman William C. Rhodes III sold 27,500 shares of the stock in a transaction dated 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 completion of the sale, the chairman directly owned 8,546 shares of the company's stock, valued at approximately $31,696,515.78. The trade was a 76.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,250 shares of company stock valued at $116,321,123. Company insiders own 2.10% of the company's stock.

AutoZone Stock Down 0.5%

AutoZone stock traded down $21.86 during trading hours on Tuesday, hitting $4,176.67. The stock had a trading volume of 94,069 shares, compared to its average volume of 129,441. The stock has a market cap of $70.08 billion, a price-to-earnings ratio of 28.27, a P/E/G ratio of 2.51 and a beta of 0.41. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,229.68. The business's 50 day simple moving average is $3,877.21 and its 200-day simple moving average is $3,725.27.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target 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. BMO Capital Markets restated an "outperform" rating and set a $4,100.00 target price (up from $3,850.00) on shares of AutoZone in a report on Wednesday, May 28th. Roth Capital set a $4,135.00 price objective on shares of AutoZone and gave the stock a "buy" rating in a research report on Monday, June 2nd. Guggenheim lifted their target price on AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 28th. Three equities research 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. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $4,101.29.

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.