Nissay Asset Management Corp Japan Cuts Stake in AutoZone, Inc. $AZO

Nissay Asset Management Corp Japan cut its stake in AutoZone, Inc. (NYSE:AZO) by 32.5% during the 2nd quarter, Holdings Channel.com reports. The fund owned 3,931 shares of the company’s stock after selling 1,890 shares during the period. Nissay Asset Management Corp Japan’s holdings in AutoZone were worth $12,563,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in AutoZone by 12.6% during the second quarter. Wellington Management Group LLP now owns 62,901 shares of the company’s stock worth $201,028,000 after purchasing an additional 7,051 shares during the last quarter. Kingsview Wealth Management LLC acquired a new position in shares of AutoZone in the 2nd quarter valued at $405,000. Beacon Pointe Advisors LLC acquired a new position in shares of AutoZone in the 2nd quarter valued at $1,053,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of AutoZone during the 2nd quarter valued at $418,000. Finally, RB Capital Management LLC purchased a new stake in shares of AutoZone during the 2nd quarter valued at $2,052,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Stock Up 1.2%

AutoZone stock opened at $2,967.55 on Friday. The firm has a fifty day moving average of $3,045.07 and a 200-day moving average of $3,307.64. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The firm has a market capitalization of $48.46 billion, a P/E ratio of 20.40, a PEG ratio of 1.50 and a beta of 0.33.

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

Insider Transactions at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The sale 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.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Guggenheim cut their target price on 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 reissued a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a research report on Thursday, June 4th. The Goldman Sachs Group dropped their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. BMO Capital Markets cut their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. reduced their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. One research 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 MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and a consensus price target of $4,029.43.

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.