Allworth Financial LP Sells 2,396 Shares of AutoZone, Inc. $AZO

Key Points

• Allworth Financial sharply reduced its AutoZone stake by selling 2,396 shares, an 86.4% decrease, leaving it with 378 shares valued at approximately $1.21 million.
• AutoZone shares opened at $2,876.76, near their 52-week low of $2,865.13. The company authorized a $1.5 billion stock buyback, equivalent to up to 3% of its outstanding shares.
• Despite recent price-target reductions, analysts maintain a “Moderate Buy” consensus, with 21 Buy or Strong Buy ratings and an average target price of $3,957.38.

Allworth Financial LP reduced its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 86.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 378 shares of the company's stock after selling 2,396 shares during the period. Allworth Financial LP's holdings in AutoZone were worth $1,209,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in shares of AutoZone by 320,651.9% in the second quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company's stock valued at $254,646,043,000 after acquiring an additional 79,653,139 shares in the last quarter. BlackRock Inc. bought a new stake in AutoZone during the second quarter worth $3,938,566,000. Morgan Stanley boosted its position in AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after purchasing an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock worth $1,312,654,000 after purchasing an additional 7,390 shares during the last quarter. Finally, Norges Bank purchased a new position in AutoZone in the fourth quarter worth $939,205,000. 92.74% of the stock is owned by institutional investors.

AutoZone Price Performance

Shares of AZO opened at $2,876.76 on Friday. AutoZone, Inc. has a 1 year low of $2,865.13 and a 1 year high of $4,363.29. The stock's fifty day moving average price is $3,010.86 and its two-hundred day moving average price is $3,251.29. The firm has a market cap of $46.98 billion, a PE ratio of 19.78, a PEG ratio of 1.44 and a beta of 0.34.

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

Insiders Place Their Bets

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company decreased their target price on AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating for the company in a research report on Thursday. Roth Capital cut their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. BNP Paribas Exane cut their price target 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. Guggenheim reduced 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, Piper Sandler set a $3,500.00 price objective on shares of AutoZone in a report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, AutoZone currently has a consensus rating of "Moderate Buy" and a consensus price target of $3,957.38.

AutoZone Profile

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.