Nissay Asset Management Corp Japan ADV Lowers Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Nissay Asset Management Corp Japan ADV has reduced its stake in AutoZone, Inc. by 25.4% during the 1st quarter, now owning 24,879 shares valued at approximately $94.86 million.
• Several institutional investors, including Saudi Central Bank and Financial Network Wealth Advisors LLC, have recently made new investments or increased their stakes in AutoZone during the same period.
• AutoZone shares have been forecasted to experience price growth, with analysts setting target prices ranging from $3,811.00 to $4,250.00, indicating strong buy ratings from numerous research analysts.

Nissay Asset Management Corp Japan ADV trimmed its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 25.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,879 shares of the company's stock after selling 8,485 shares during the period. Nissay Asset Management Corp Japan ADV owned 0.15% of AutoZone worth $94,858,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. AlphaCore Capital LLC bought a new position in AutoZone during the first quarter valued at $27,000. Saudi Central Bank bought a new position in AutoZone during the first quarter valued at $27,000. Financial Network Wealth Advisors LLC grew its holdings in AutoZone by 66.7% during 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 period. Cornerstone Planning Group LLC bought a new position in AutoZone during the first quarter valued at $44,000. Finally, Minot DeBlois Advisors LLC bought a new position in AutoZone during the fourth quarter valued at $45,000. 92.74% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP K. Michelle Borninkhof sold 750 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the sale, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the sale, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. This trade represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,250 shares of company stock worth $116,321,123. Corporate insiders own 2.10% of the company's stock.

AutoZone Stock Down 0.4%

Shares of AZO stock traded down $16.65 on Friday, reaching $4,216.31. The company's stock had a trading volume of 92,444 shares, compared to its average volume of 95,352. AutoZone, Inc. has a 12-month low of $2,898.57 and a 12-month high of $4,248.14. The company has a market capitalization of $70.75 billion, a P/E ratio of 28.54, a PEG ratio of 2.22 and a beta of 0.41. The stock's 50 day simple moving average is $3,929.54 and its 200-day simple moving average is $3,747.33.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AZO shares. Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 28th. Morgan Stanley restated an "overweight" rating and set a $4,000.00 target price (up previously from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. BMO Capital Markets restated an "outperform" rating and set a $4,100.00 target price (up previously from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and increased their target price for the stock from $3,900.00 to $4,800.00 in a research report on Wednesday, May 21st. Finally, Citigroup increased their target price on AutoZone from $3,900.00 to $4,900.00 and gave the stock a "buy" rating in a research report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus 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.