Vancity Investment Management Ltd Lowers Position in AutoZone, Inc. $AZO

Vancity Investment Management Ltd lessened its stake in AutoZone, Inc. (NYSE:AZO) by 5.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,890 shares of the company’s stock after selling 285 shares during the quarter. AutoZone makes up about 2.3% of Vancity Investment Management Ltd’s holdings, making the stock its 13th largest position. Vancity Investment Management Ltd’s holdings in AutoZone were worth $15,628,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. CYBER HORNET ETFs LLC raised its position in AutoZone by 33,193.5% in the 2nd quarter. CYBER HORNET ETFs LLC now owns 15,315 shares of the company’s stock valued at $48,946,000 after buying an additional 15,269 shares during the last quarter. California State Teachers Retirement System boosted its holdings in AutoZone by 320,651.9% during the 2nd quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company’s stock worth $254,646,043,000 after acquiring an additional 79,653,139 shares during the last quarter. Wedmont Private Capital boosted its holdings in AutoZone by 4.3% during the 2nd quarter. Wedmont Private Capital now owns 244 shares of the company’s stock worth $750,000 after acquiring an additional 10 shares during the last quarter. Guardian Wealth Management Inc. grew its stake in shares of AutoZone by 2.6% in the 2nd quarter. Guardian Wealth Management Inc. now owns 2,162 shares of the company’s stock worth $6,910,000 after acquiring an additional 55 shares in the last quarter. Finally, HB Wealth Management LLC raised its holdings in shares of AutoZone by 20.1% in the second quarter. HB Wealth Management LLC now owns 1,618 shares of the company’s stock valued at $5,174,000 after purchasing an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Stock Performance

AZO opened at $2,981.99 on Monday. The firm has a market cap of $48.70 billion, a P/E ratio of 20.50, a PEG ratio of 1.49 and a beta of 0.34. The firm has a 50-day moving average of $3,036.29 and a 200 day moving average of $3,276.84. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11.

AutoZone declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, VP Dennis LeRiche sold 1,455 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AZO shares. Robert W. Baird dropped their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings downgraded shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Jefferies Financial Group dropped their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. TD Cowen cut their target price on AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating on the stock in a research note on Monday, August 31st. Finally, Roth Capital reduced their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $3,999.04.

AutoZone Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.