California State Teachers Retirement System 13F: Cuts AZO Stake by $2.3M

California State Teachers Retirement System, often called CalSTRS, trimmed its stake in AutoZone, Inc. (NYSE: AZO) by roughly 2.9% in its most recent filing with the SEC. The pension fund sold 741 shares during the period, leaving it with 24,841 shares. At the time of the report, that position was valued at approximately $78.3 million.

Shifting Gears at CalSTRS

This small reduction follows a pattern of active portfolio management by the California pension fund. Just recently, on May 18, 2026, the fund also trimmed its stake in Astera Labs by a similar 2.64%. For AutoZone, the fund's move takes its share count from 25,582 down to the current 24,841. While a 2.9% decrease isn't a total exit, it suggests the fund is rebalancing its exposure to the consumer discretionary sector after a period of price swings for the auto parts retailer.

AutoZone Stock Performance

On Saturday, AutoZone shares were priced at $3,153.62. The stock has been through a wide range over the last year, hitting a high of $4,332.68 and a low of $2,796.85. The current price is hovering above the 50-day moving average — a common technical level used to gauge short-term momentum — which stands at $2,991.47. However, the stock is still working to get back toward its 200-day moving average of $3,331.04. With a price-to-earnings (P/E) ratio of 19.3, the company is valued at about 19 times its annual profits, which is fairly standard for a mature retail leader.

Recent Earnings Data

AutoZone continues to see steady demand as drivers keep older cars on the road longer. The company reported annual revenue of $19.99 billion, which represents a growth rate of 8.4%. Its profitability remains a strong point, with a net margin of 12.4% and earnings per share of $145.34. Investors are looking toward September 22, 2026, when the company is scheduled to release its next set of quarterly financial results.

Analysts Set New Price Targets

Several investment firms have recently updated their outlooks on AutoZone. On September 29, 2026, Bernstein initiated coverage with an Outperform rating and a $3,698 price target. Just a day earlier, JP Morgan maintained its Overweight rating but lowered its price target from $3,850 to $3,700. Other firms like Roth Capital, Truist Securities, and TD Cowen also kept their Buy-equivalent ratings in late September, though many adjusted their targets slightly downward. Currently, 23 analysts follow the stock, and the majority view it as a Strong Buy with an average price target of $3,859.21.

About AutoZone, Inc.

AutoZone is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. It sells everything from engines and batteries to floor mats and cleaning supplies through thousands of stores in the U.S., Mexico, and Brazil. The company also runs a commercial program that delivers parts to repair shops and provides specialized diagnostic software for mechanics. This move by CalSTRS comes as other notable figures have also traded the stock; for instance, Donald Trump reported a sale of shares valued between $15,001 and $50,000 on May 22, 2026.

What to Watch

Market participants should keep an eye on the upcoming earnings report in September to see if revenue growth can overcome the current share price volatility. It is important to remember that 13F filings are backward-looking and only show what a fund owned as of the end of the reporting period; they do not necessarily reflect what CalSTRS owns today.