AutoZone, Inc. $AZO Stock Holdings Lowered by Van ECK Associates Corp

Van ECK Associates Corp cut its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 8.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,348 shares of the company’s stock after selling 210 shares during the period. Van ECK Associates Corp’s holdings in AutoZone were worth $7,504,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Turning Point Benefit Group Inc. bought a new position in shares of AutoZone in the third quarter valued at $25,000. Transamerica Financial Advisors LLC boosted its stake in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after acquiring an additional 4 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in shares of AutoZone in the 2nd quarter worth $29,000. MCF Advisors LLC grew its holdings in shares of AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after acquiring an additional 3 shares during the last quarter. Finally, Bard Associates Inc. acquired a new stake in shares of AutoZone during the fourth quarter worth $31,000. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. DA Davidson reduced their target price on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. TD Cowen cut their price objective on AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating on the stock in a report on Monday. Jefferies Financial Group reduced their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Citigroup decreased their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Robert W. Baird lowered their price objective 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. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3,999.04.

AutoZone Stock Down 0.9%

Shares of NYSE:AZO opened at $2,965.33 on Wednesday. The firm has a fifty day moving average of $3,044.13 and a two-hundred day moving average of $3,295.20. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The firm has a market capitalization of $48.42 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 1.74 and a beta of 0.34.

AutoZone announced that its board has authorized a share buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, VP Dennis W. Leriche sold 1,455 shares of AutoZone stock in a transaction on Friday, August 7th. The stock was 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 of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.