AutoZone, Inc. $AZO Shares Sold by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. cut its stake in shares of AutoZone, Inc. (NYSE:AZO) by 19.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,310 shares of the company’s stock after selling 560 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in AutoZone were worth $9,910,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AZO. Valeo Financial Advisors LLC lifted its stake in shares of AutoZone by 4.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock worth $267,000 after acquiring an additional 3 shares during the period. Ritholtz Wealth Management raised its holdings in AutoZone by 0.3% during the second quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock worth $4,377,000 after purchasing an additional 3 shares in the last quarter. Pittenger & Anderson Inc. lifted its position in AutoZone by 4.3% in the second quarter. Pittenger & Anderson Inc. now owns 72 shares of the company’s stock valued at $267,000 after purchasing an additional 3 shares during the period. Harbour Investments Inc. boosted its holdings in AutoZone by 27.3% in the 2nd quarter. Harbour Investments Inc. now owns 14 shares of the company’s stock valued at $52,000 after purchasing an additional 3 shares in the last quarter. Finally, May Hill Capital LLC increased its position in AutoZone by 5.5% during the 2nd quarter. May Hill Capital LLC now owns 58 shares of the company’s stock worth $215,000 after purchasing an additional 3 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AZO has been the subject of several recent analyst reports. Baird R W raised AutoZone to a “strong-buy” rating in a report on Thursday, December 4th. TD Cowen reduced their target price on AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. BMO Capital Markets decreased their price objective on shares of AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating on the stock in a report on Wednesday, December 10th. The Goldman Sachs Group dropped their target price on shares of AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Finally, Wolfe Research lowered AutoZone from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, December 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and a consensus target price of $4,264.12.

AutoZone Price Performance

AutoZone stock opened at $3,520.15 on Friday. The stock has a market capitalization of $58.32 billion, a P/E ratio of 24.55, a P/E/G ratio of 1.68 and a beta of 0.42. AutoZone, Inc. has a 12-month low of $3,202.13 and a 12-month high of $4,388.11. The firm’s 50-day moving average is $3,601.54 and its two-hundred day moving average is $3,851.21.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.64 billion. AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The firm’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $32.52 EPS. As a group, analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone declared that its Board of Directors has authorized a share buyback plan on Wednesday, October 8th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Jamere Jackson acquired 55 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was bought at an average price of $3,413.50 per share, with a total value of $187,742.50. Following the purchase, the chief financial officer directly owned 488 shares in the company, valued at $1,665,788. The trade was a 12.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director George R. Mrkonic, Jr. sold 97 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the transaction, the director owned 3,564 shares in the company, valued at approximately $11,910,852.36. The trade was a 2.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have bought 347 shares of company stock valued at $1,179,256 and have sold 647 shares valued at $2,280,423. Company insiders own 2.60% of the company’s stock.

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.