Resona Asset Management Co. Ltd. Sells 357 Shares of AutoZone, Inc. $AZO

Resona Asset Management Co. Ltd. cut its stake in AutoZone, Inc. (NYSE:AZO) by 5.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,437 shares of the company’s stock after selling 357 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in AutoZone were worth $21,708,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of AutoZone by 6.6% during the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock worth $21,315,000 after purchasing an additional 306 shares during the period. Numerai GP LLC lifted its stake in shares of AutoZone by 1,199.3% during the 3rd quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock valued at $7,525,000 after buying an additional 1,619 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of AutoZone during the fourth quarter worth $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its holdings in AutoZone by 15.2% during the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock worth $48,241,000 after purchasing an additional 1,882 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after buying an additional 1,582 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director directly owned 1,219 shares of the company’s stock, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Down 2.1%

Shares of AZO stock opened at $3,006.21 on Friday. The stock has a fifty day moving average of $3,205.01 and a 200 day moving average of $3,433.41. The firm has a market capitalization of $49.09 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 1.56 and a beta of 0.33. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter in the previous year, the company earned $35.36 earnings per share. AutoZone’s quarterly revenue was up 8.4% on a year-over-year basis. Equities research analysts anticipate that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AZO has been the subject of several research analyst reports. Evercore reissued an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. BNP Paribas Exane reduced their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. TD Cowen reissued a “buy” rating and issued a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. Guggenheim cut their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, Weiss Ratings upgraded shares of AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AutoZone has a consensus rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Company 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.