Northwestern Mutual Wealth Management Co. Sells 1,061 Shares of AutoZone, Inc. $AZO

Key Points

• Northwestern Mutual Wealth Management cut its AutoZone stake by 37.1% in the second quarter, selling 1,061 shares and retaining 1,801 shares valued at approximately $5.76 million. Institutional investors collectively own 92.74% of the company.
• AutoZone shares opened at $2,969.11, near the lower end of their 12-month range, while the company authorized a $1.5 billion share-repurchase program covering up to 3% of outstanding shares.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $3,999.04, despite several firms recently lowering their targets. An AutoZone vice president also sold 1,455 shares for about $4.51 million.

Northwestern Mutual Wealth Management Co. reduced its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 37.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,801 shares of the company's stock after selling 1,061 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in AutoZone were worth $5,756,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Okabena Investment Services Inc. increased its position in AutoZone by 5.2% during the 2nd quarter. Okabena Investment Services Inc. now owns 404 shares of the company's stock worth $1,291,000 after buying an additional 20 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of AutoZone by 11,577.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company's stock valued at $450,838,000 after acquiring an additional 139,858 shares in the last quarter. New Mexico Educational Retirement Board grew its stake in shares of AutoZone by 13.2% in the second quarter. New Mexico Educational Retirement Board now owns 859 shares of the company's stock valued at $2,745,000 after acquiring an additional 100 shares in the last quarter. Mufg Securities Americas Inc. increased its position in AutoZone by 8.3% during the second quarter. Mufg Securities Americas Inc. now owns 496 shares of the company's stock worth $1,585,000 after acquiring an additional 38 shares during the period. Finally, Wellington Management Group LLP increased its position in AutoZone by 12.6% during the second quarter. Wellington Management Group LLP now owns 62,901 shares of the company's stock worth $201,028,000 after acquiring an additional 7,051 shares during the period. 92.74% of the stock is currently owned by institutional investors.

AutoZone Trading Up 1.2%

Shares of NYSE:AZO opened at $2,969.11 on Friday. The firm has a 50 day moving average of $3,039.20 and a 200-day moving average of $3,282.96. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The stock has a market capitalization of $48.49 billion, a PE ratio of 20.41, a PEG ratio of 1.47 and a beta of 0.34.

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

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the business's 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 transaction 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. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on AZO shares. DA Davidson cut their price objective on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. Piper Sandler set a $3,500.00 price target on AutoZone in a research note on Monday. BNP Paribas Exane reduced their price target on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group lowered their price objective 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. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, AutoZone has a consensus rating of "Moderate Buy" and a consensus target price 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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