The Manufacturers Life Insurance Company Decreases Stake in AutoZone, Inc. $AZO

Key Points

• The Manufacturers Life Insurance Company reduced its stake in AutoZone, Inc. by 4.7%, now owning approximately 0.52% of the company, valued at around $332.7 million.
• Insiders, including SVP K. Michelle Borninkhof and Chairman William C. Rhodes III, sold a significant total of 31,250 shares of AutoZone stock recently, reflecting substantial decreases in their ownership.
• Equities analysts are optimistic about AutoZone's future, with multiple firms raising their price targets, resulting in a consensus target of approximately $4,101.29 and several "buy" ratings.

The Manufacturers Life Insurance Company reduced its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 4.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 87,272 shares of the company's stock after selling 4,336 shares during the quarter. The Manufacturers Life Insurance Company owned 0.52% of AutoZone worth $332,749,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. GAMMA Investing LLC raised its position in AutoZone by 435,031.1% in the 1st quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock worth $2,936,535,000 after purchasing an additional 770,005 shares during the period. Nuveen LLC purchased a new stake in AutoZone in the 1st quarter worth about $442,530,000. JPMorgan Chase & Co. raised its position in AutoZone by 7.5% in the 1st quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after purchasing an additional 65,368 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in AutoZone in the 4th quarter worth about $95,480,000. Finally, Deutsche Bank AG raised its position in 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 purchasing an additional 26,036 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AutoZone

In related news, Chairman William C. Rhodes III sold 27,500 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the completion of the sale, the chairman 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction that occurred on 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 sale, 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 disclosure for this sale can be found here. Insiders sold 31,250 shares of company stock valued at $116,321,123 over the last 90 days. Insiders own 2.10% of the company's stock.

AutoZone Stock Up 0.2%

Shares of NYSE AZO traded up $8.51 during midday trading on Monday, reaching $4,205.60. 89,713 shares of the company's stock traded hands, compared to its average volume of 104,344. The stock's 50 day simple moving average is $3,867.16 and its 200-day simple moving average is $3,720.07. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,229.68. The company has a market cap of $70.58 billion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 2.51 and a beta of 0.41.

Analyst Ratings Changes

A number of brokerages have commented on AZO. JPMorgan Chase & Co. upped their target price on shares of AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. The Goldman Sachs Group set a $3,811.00 target price on shares of AutoZone in a research note on Friday, May 23rd. Truist Financial set a $3,995.00 target price on shares of AutoZone in a research note on Friday, May 23rd. Wall Street Zen upgraded shares of AutoZone from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research note on Wednesday, May 28th. Three 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.com, the stock currently has an average rating of "Buy" and an average price target of $4,101.29.

AutoZone 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.