Vancity Investment Management Ltd Makes New $28.75 Million Investment in AutoZone, Inc. $AZO

Key Points

• Vancity Investment Management Ltd has made a new investment of approximately $28.75 million in AutoZone, acquiring 7,539 shares, which accounts for about 3.9% of its investment portfolio.
• AutoZone's stock price currently ranges around $4,216.31, with a 12-month low of $2,898.57 and a high of $4,248.14, while it has a market capitalization of $70.75 billion.
• Several institutional investors have recently increased their stakes in AutoZone, with notable acquisitions from companies like Goldman Sachs Group Inc. and Jones Financial Companies Lllp, demonstrating strong institutional interest in the company.

Vancity Investment Management Ltd acquired a new position in AutoZone, Inc. (NYSE:AZO - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,539 shares of the company's stock, valued at approximately $28,745,000. AutoZone makes up approximately 3.9% of Vancity Investment Management Ltd's investment portfolio, making the stock its 9th biggest holding.

Other institutional investors have also recently modified their holdings of the company. United Services Automobile Association purchased a new stake in shares of AutoZone during the first quarter valued at $1,482,000. Caxton Associates LLP bought a new position in shares of AutoZone in the first quarter worth about $1,674,000. CTC Alternative Strategies Ltd. bought a new stake in AutoZone during the 1st quarter valued at approximately $366,000. Goldman Sachs Group Inc. raised its stake in AutoZone by 30.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 106,888 shares of the company's stock valued at $407,540,000 after purchasing an additional 24,933 shares during the period. Finally, Jones Financial Companies Lllp raised its stake in AutoZone by 43.6% during the 1st quarter. Jones Financial Companies Lllp now owns 642 shares of the company's stock valued at $2,448,000 after purchasing an additional 195 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Price Performance

Shares of NYSE:AZO opened at $4,216.31 on Monday. AutoZone, Inc. has a 12 month low of $2,898.57 and a 12 month high of $4,248.14. The business's 50 day simple moving average is $3,929.54 and its 200-day simple moving average is $3,747.33. The firm has a market capitalization of $70.75 billion, a price-to-earnings ratio of 28.54, a price-to-earnings-growth ratio of 2.22 and a beta of 0.41.

Analysts Set New Price Targets

AZO has been the subject of a number of recent research reports. 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. Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Citigroup boosted their price target on AutoZone from $3,900.00 to $4,900.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Truist Financial set a $3,995.00 price target on AutoZone in a report on Friday, May 23rd. Finally, Wall Street Zen raised AutoZone from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, AutoZone presently has an average rating of "Buy" and an average price target of $4,148.90.

Insider Activity at AutoZone

In other news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the sale, the vice president owned 2,925 shares of the company's stock, valued at $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP K. Michelle Borninkhof sold 750 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president directly owned 406 shares in the company, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,250 shares of company stock valued at $116,321,123. 2.10% of the stock is owned by corporate insiders.

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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