Nissay Asset Management Corp Japan Reduces Holdings in AutoZone, Inc. $AZO

Nissay Asset Management Corp Japan lowered its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 32.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,931 shares of the company's stock after selling 1,890 shares during the period. Nissay Asset Management Corp Japan's holdings in AutoZone were worth $12,563,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of AutoZone during the 2nd quarter worth approximately $3,938,566,000. Norges Bank purchased a new stake in AutoZone in the 4th quarter valued at approximately $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in AutoZone in the 2nd quarter valued at approximately $572,885,000. Corient Private Wealth LP acquired a new stake in AutoZone during the 2nd quarter valued at $38,604,000. Finally, Bank of New York Mellon Corp acquired a new stake in AutoZone during the 2nd quarter valued at $335,157,000. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Stock Performance

Shares of NYSE AZO opened at $2,967.55 on Friday. The firm has a market cap of $48.46 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The firm's 50 day moving average price is $3,045.07 and its 200 day moving average price is $3,307.64.

AutoZone declared that its board has authorized a stock buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the firm's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president 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 document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AZO. BMO Capital Markets dropped their price target on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. Mizuho reduced their price objective on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. BNP Paribas Exane decreased their price objective on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. TD Cowen reiterated a "buy" rating and set a $3,700.00 price objective on shares of AutoZone in a research report on Thursday, June 4th. Finally, The Goldman Sachs Group cut their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $4,029.43.

AutoZone Company 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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