AutoZone, Inc. $AZO Shares Sold by Amundi

Key Points

• Amundi reduced its AutoZone stake by 23.3% in the second quarter, selling 26,241 shares and retaining 86,540 shares valued at approximately $276.6 million.
• Institutional investors and hedge funds own 92.74% of AutoZone, while Vice President Dennis LeRiche sold 1,455 shares for $4.5 million, reducing his direct holdings by 76.74%.
• AutoZone’s board authorized a $1.5 billion share-buyback program, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $3,999.04.

Amundi lowered its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 23.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,540 shares of the company's stock after selling 26,241 shares during the period. Amundi owned about 0.53% of AutoZone worth $276,577,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AZO. California State Teachers Retirement System lifted its holdings in shares of AutoZone by 320,651.9% in the 2nd quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company's stock worth $254,646,043,000 after purchasing an additional 79,653,139 shares during the last quarter. BlackRock Inc. acquired a new position in AutoZone during the 2nd quarter valued at approximately $3,938,566,000. Morgan Stanley grew its stake in AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after buying an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD increased 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 buying an additional 7,390 shares during the period. Finally, Norges Bank acquired a new stake in AutoZone in the fourth quarter worth $939,205,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Dennis LeRiche sold 1,455 shares of the 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 $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.60% of the stock is owned by company insiders.

AutoZone Stock Performance

NYSE:AZO opened at $2,981.99 on Tuesday. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The stock has a market cap of $48.70 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 1.49 and a beta of 0.34. The business has a fifty day moving average of $3,033.00 and a 200-day moving average of $3,271.49.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Jefferies Financial Group 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 note on Wednesday, May 27th. TD Cowen lowered their price target on shares of AutoZone from $3,700.00 to $3,500.00 and set a "buy" rating for the company in a research report on Monday, August 31st. Piper Sandler set a $3,500.00 price objective on shares of AutoZone in a report on Monday, August 31st. Barclays cut their price objective on shares of AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 4th. Finally, Roth Capital reduced their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, AutoZone currently has a consensus rating of "Moderate Buy" and a consensus price target of $3,999.04.

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.

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