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

Key Points

• Nippon Life Global Investors Americas Inc. reduced its stake in AutoZone, Inc. by 3.2%, now holding 3,010 shares valued at approximately $11.5 million.
• Several analysts have raised their price targets for AutoZone, with estimates reaching up to $4,800, reflecting a strong consensus rating of "Buy".
• Insider trading activity has seen significant sales, with executives selling over 31,250 shares worth around $116 million in the last 90 days.

Nippon Life Global Investors Americas Inc. lessened its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 3.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,010 shares of the company's stock after selling 100 shares during the period. Nippon Life Global Investors Americas Inc.'s holdings in AutoZone were worth $11,476,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. AlphaCore Capital LLC purchased a new position in AutoZone in the first quarter valued at approximately $27,000. Saudi Central Bank purchased a new position in AutoZone in the first quarter valued at approximately $27,000. Financial Network Wealth Advisors LLC increased its stake in AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after purchasing an additional 4 shares during the last quarter. Cornerstone Planning Group LLC purchased a new position in AutoZone in the first quarter valued at approximately $44,000. Finally, Clearstead Trust LLC purchased a new position in AutoZone in the first quarter valued at approximately $46,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AutoZone

In other news, Chairman William C. Rhodes III sold 27,500 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the transaction, the chairman directly owned 8,546 shares of the company's stock, valued at $31,696,515.78. This represents a 76.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,250 shares of company stock valued at $116,321,123 in the last ninety days. 2.10% of the stock is currently owned by company insiders.

AutoZone Trading Down 0.4%

Shares of NYSE:AZO traded down $16.65 on Friday, reaching $4,216.31. 92,444 shares of the company were exchanged, compared to its average volume of 95,352. AutoZone, Inc. has a 1-year low of $2,898.57 and a 1-year high of $4,248.14. The firm has a market cap of $70.75 billion, a price-to-earnings ratio of 28.54, a price-to-earnings-growth ratio of 2.22 and a beta of 0.41. The company has a 50-day moving average of $3,929.54 and a 200-day moving average of $3,747.33.

Wall Street Analyst Weigh In

Several equities analysts have commented on AZO shares. Morgan Stanley reiterated an "overweight" rating and issued a $4,000.00 price target (up from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Evercore ISI upped their price target on shares of AutoZone from $4,060.00 to $4,250.00 and gave the company an "outperform" rating in a research report on Monday, August 18th. Truist Financial set a $3,995.00 price target on shares of AutoZone in a research report on Friday, May 23rd. BMO Capital Markets reiterated an "outperform" rating and issued a $4,100.00 price target (up previously from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Finally, Roth Capital set a $4,135.00 price target on shares of AutoZone and gave the company a "buy" rating in a research report on Monday, June 2nd. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $4,148.90.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.