Nippon Life Global Investors Americas Inc. Decreases Stock Position in AutoZone, Inc. $AZO

Key Points

• Nippon Life Global Investors Americas cut its stake in AutoZone by 19.0%, selling 440 shares to end the quarter with 1,870 shares worth about $6.34 million.
• Wall Street sentiment is broadly positive with a consensus rating of “Moderate Buy” and an average target price of $4,312.13, as major banks including JPMorgan, Barclays and Goldman Sachs recently raised price targets.
• AutoZone recently reported Q earnings of $27.63 EPS (beating by $0.04) and revenue of $4.27B (up 8.2% YoY but slightly below estimates); the stock trades near $3,578 with a market cap of about $59B and a P/E of 25.07.

Nippon Life Global Investors Americas Inc. lessened its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 19.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,870 shares of the company's stock after selling 440 shares during the quarter. Nippon Life Global Investors Americas Inc.'s holdings in AutoZone were worth $6,342,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Obermeyer Wealth Partners boosted its stake in shares of AutoZone by 4.7% during the 3rd quarter. Obermeyer Wealth Partners now owns 67 shares of the company's stock valued at $287,000 after buying an additional 3 shares during the last quarter. Covestor Ltd lifted its stake in AutoZone by 5.5% during the third quarter. Covestor Ltd now owns 58 shares of the company's stock worth $250,000 after purchasing an additional 3 shares during the last quarter. SYM FINANCIAL Corp lifted its stake in AutoZone by 3.6% during the third quarter. SYM FINANCIAL Corp now owns 86 shares of the company's stock worth $369,000 after purchasing an additional 3 shares during the last quarter. Camden National Bank lifted its stake in AutoZone by 3.6% during the third quarter. Camden National Bank now owns 86 shares of the company's stock worth $369,000 after purchasing an additional 3 shares during the last quarter. Finally, Crestwood Advisors Group LLC lifted its stake in AutoZone by 1.7% during the third quarter. Crestwood Advisors Group LLC now owns 184 shares of the company's stock worth $791,000 after purchasing an additional 3 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AZO shares. Barclays raised their price objective on AutoZone from $3,800.00 to $3,900.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 4th. Robert W. Baird cut AutoZone from an "outperform" rating to a "neutral" rating and set a $3,900.00 price objective on the stock. in a research note on Monday, February 9th. JPMorgan Chase & Co. raised their price objective on AutoZone from $4,100.00 to $4,300.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. The Goldman Sachs Group raised their price objective on AutoZone from $4,274.00 to $4,345.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. Finally, Roth Mkm reduced their price objective on AutoZone from $4,650.00 to $4,526.00 and set a "buy" rating on the stock in a research note on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $4,312.13.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,578.43 on Monday. AutoZone, Inc. has a 1-year low of $3,210.72 and a 1-year high of $4,388.11. The business's fifty day moving average price is $3,559.13 and its two-hundred day moving average price is $3,640.53. The firm has a market capitalization of $58.97 billion, a PE ratio of 25.07, a P/E/G ratio of 1.83 and a beta of 0.41.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 EPS for the quarter, beating analysts' consensus estimates of $27.59 by $0.04. The company had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.31 billion. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period last year, the company earned $28.29 earnings per share. Equities research analysts expect that AutoZone, Inc. will post 148.93 earnings per share for the current fiscal year.

Insider Activity at AutoZone

In other news, Director Earl G. Graves, Jr. sold 50 shares of the firm's stock in a transaction on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the transaction, the director directly owned 4,837 shares of the company's stock, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.

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