Pensionfund Sabic Reduces Holdings in AutoZone, Inc. $AZO

Key Points

• Pensionfund Sabic has reduced its stake in AutoZone, Inc. by 30.5%, holding just 410 shares valued at approximately $1.56 million after the sale.
• Multiple institutional investors have recently adjusted their positions in AutoZone, with significant acquisitions totaling up to $46,000 from several new investors.
• AutoZone shares have received a series of upgrades from analysts, with UBS raising the price target to $4,925 and a consensus rating of "Buy" across 18 analysts.

Pensionfund Sabic reduced its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 30.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 410 shares of the company's stock after selling 180 shares during the period. Pensionfund Sabic's holdings in AutoZone were worth $1,563,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. AlphaCore Capital LLC acquired a new position in AutoZone during the 1st quarter worth $27,000. Saudi Central Bank acquired a new position in AutoZone during the 1st quarter worth $27,000. Financial Network Wealth Advisors LLC grew its holdings in AutoZone by 66.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock worth $38,000 after acquiring an additional 4 shares in the last quarter. Cornerstone Planning Group LLC acquired a new position in AutoZone during the 1st quarter worth $44,000. Finally, Clearstead Trust LLC acquired a new position in AutoZone during the 1st quarter worth $46,000. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Stock Performance

NYSE AZO opened at $4,327.37 on Friday. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,388.11. The company has a 50-day simple moving average of $3,989.84 and a 200-day simple moving average of $3,773.46. The firm has a market capitalization of $72.62 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 2.30 and a beta of 0.41.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AZO shares. UBS Group raised their price objective on shares of AutoZone from $4,260.00 to $4,925.00 and gave the stock a "buy" rating in a report on Thursday. Bank of America raised shares of AutoZone from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. 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. Citigroup raised their price objective on shares of AutoZone from $3,900.00 to $4,900.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Finally, Truist Financial set a $3,995.00 price target on shares of AutoZone in a report on Friday, May 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, AutoZone currently has an average rating of "Buy" and a consensus price target of $4,229.38.

Insider Activity

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the completion of the transaction, the vice president directly owned 2,925 shares of the company's stock, valued at $11,337,007.50. The trade was a 50.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the transaction, the senior vice president directly owned 406 shares of the company's stock, valued at $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

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.

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