Royal Bank of Canada Increases Position in AutoZone, Inc. $AZO

Key Points

• Royal Bank of Canada increased its stake in AutoZone, Inc. by 0.2%, owning approximately 378,138 shares worth about $1.44 billion at the end of the quarter.
• Several institutional investors are also increasing their positions in AutoZone, with hedge funds owning 92.74% of the company's stock.
• AutoZone's stock price currently sits at $4,205.60, with analysts providing a consensus price target of $4,101.29 and many rating it as a buy.

Royal Bank of Canada increased its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 0.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 378,138 shares of the company's stock after acquiring an additional 819 shares during the period. Royal Bank of Canada owned about 2.25% of AutoZone worth $1,441,757,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AZO. Forum Financial Management LP grew its stake in AutoZone by 2.2% in 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 in the last quarter. Focus Financial Network Inc. boosted its holdings in shares of AutoZone by 2.9% in the first 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 period. Wealthcare Advisory Partners LLC grew its stake in AutoZone by 2.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock worth $538,000 after purchasing an additional 3 shares in the last quarter. Rappaport Reiches Capital Management LLC increased its holdings in AutoZone by 4.8% during the 1st quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock worth $252,000 after purchasing an additional 3 shares during the period. Finally, Blue Trust Inc. raised its position in AutoZone by 3.5% during the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after purchasing an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insiders Place Their Bets

In other AutoZone news, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction dated 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 sale, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. The trade was a 64.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,250 shares of company stock valued at $116,321,123. Insiders own 2.10% of the company's stock.

AutoZone Stock Up 0.2%

AZO opened at $4,205.60 on Friday. The company has a market cap of $70.57 billion, a P/E ratio of 28.46, a price-to-earnings-growth ratio of 2.51 and a beta of 0.38. The firm's 50-day moving average price is $3,867.16 and its 200-day moving average price is $3,718.34. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,229.68.

Analysts Set New Price Targets

AZO has been the topic of a number of recent research reports. Guggenheim increased their price objective on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Wells Fargo & Company set a $4,200.00 target price on AutoZone and gave the company an "overweight" rating in a research report on Monday, May 19th. Bank of America raised AutoZone from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $3,900.00 to $4,800.00 in a research report on Wednesday, May 21st. Wall Street Zen upgraded AutoZone from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Finally, Roth Capital set a $4,135.00 price objective on AutoZone and gave the company a "buy" rating in a research report on Monday, June 2nd. Three analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target 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.

Want to see what other hedge funds are holding AZO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AutoZone, Inc. (NYSE:AZO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.