Wesbanco Bank Inc. Makes New Investment in AutoZone, Inc. $AZO

Key Points

• Wesbanco Bank Inc. acquired 566 shares of AutoZone, valued at approximately $2.1 million, signaling institutional interest in the company during the second quarter.
• Over 90% of AutoZone's stock is owned by institutional investors, indicating strong financial backing from large entities.
• Multiple analysts have recently increased their price targets for AutoZone, with UBS raising it to $4,925, reflecting positive market sentiment towards the company's growth.

Wesbanco Bank Inc. acquired a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 566 shares of the company's stock, valued at approximately $2,101,000.

Several other large investors have also recently added to or reduced their stakes in AZO. Brighton Jones LLC grew its stake in AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after buying an additional 14 shares during the last quarter. NorthRock Partners LLC bought a new stake in shares of AutoZone during the fourth quarter valued at approximately $311,000. Nomura Holdings Inc. bought a new stake in shares of AutoZone during the fourth quarter valued at approximately $1,780,000. ProShare Advisors LLC grew its stake in shares of AutoZone by 12.5% during the fourth quarter. ProShare Advisors LLC now owns 2,505 shares of the company's stock valued at $8,021,000 after purchasing an additional 278 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its stake in shares of AutoZone by 9.7% during the fourth quarter. Rafferty Asset Management LLC now owns 1,694 shares of the company's stock valued at $5,424,000 after purchasing an additional 150 shares during the last quarter. 92.74% of the stock is owned by institutional investors.

Insider Buying and Selling at AutoZone

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

AutoZone Price Performance

Shares of NYSE AZO opened at $4,327.37 on Monday. The company's 50 day simple moving average is $3,989.84 and its 200 day simple moving average is $3,778.43. AutoZone, Inc. has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,388.11. The firm has a market capitalization of $72.61 billion, a P/E ratio of 29.29, a P/E/G ratio of 2.28 and a beta of 0.41.

Wall Street Analyst Weigh In

Several analysts have recently commented on AZO shares. UBS Group increased their price target on shares of AutoZone from $4,260.00 to $4,925.00 and gave the company a "buy" rating in a research note on Thursday. Barclays increased their price target on shares of AutoZone from $3,916.00 to $4,610.00 and gave the company an "overweight" rating in a research note on Thursday. JPMorgan Chase & Co. increased 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. Morgan Stanley reissued an "overweight" rating and set a $4,000.00 price target (up from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group set a $3,811.00 price target on shares of AutoZone in a research note on Friday, May 23rd. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $4,229.38.

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.

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.