NS Partners Ltd Acquires 5,854 Shares of AutoZone, Inc. $AZO

Key Points

• NS Partners Ltd increased its AutoZone holdings by 4,919.3% in the second quarter, purchasing 5,854 additional shares to own 5,973 shares worth approximately $19.1 million.
• Institutional investors own 92.74% of AutoZone, while analysts maintain a “Moderate Buy” consensus with an average price target of $3,999.04, despite several recent target reductions.
• AutoZone approved a $1.5 billion share-repurchase program covering up to 3% of outstanding shares; separately, Vice President Dennis W. Leriche sold 1,455 shares, reducing his holdings by 76.74%.

NS Partners Ltd raised its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 4,919.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,973 shares of the company's stock after buying an additional 5,854 shares during the quarter. NS Partners Ltd's holdings in AutoZone were worth $19,089,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of AZO. BlackRock Inc. bought a new stake in AutoZone in the second quarter valued at $3,938,566,000. Morgan Stanley increased its position in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after buying an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock worth $1,312,654,000 after acquiring an additional 7,390 shares in the last quarter. Norges Bank bought a new position in AutoZone in the fourth quarter worth approximately $939,205,000. Finally, First Manhattan CO. LLC. increased its holdings in shares of AutoZone by 2.7% during the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock valued at $886,246,000 after acquiring an additional 6,765 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AZO. TD Cowen decreased their price target on shares of AutoZone from $3,700.00 to $3,500.00 and set a "buy" rating for the company in a research note on Monday. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. The Goldman Sachs Group decreased their price objective on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Mizuho dropped their target price on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Finally, BNP Paribas Exane decreased their price target on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, AutoZone currently has an average rating of "Moderate Buy" and a consensus price target of $3,999.04.

AutoZone Trading Up 1.1%

AZO stock opened at $2,995.99 on Tuesday. The stock has a market cap of $48.92 billion, a P/E ratio of 20.60, a P/E/G ratio of 1.50 and a beta of 0.33. The stock's fifty day simple moving average is $3,045.89 and its two-hundred day simple moving average is $3,300.64. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11.

AutoZone declared that its board has approved a share buyback plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity at AutoZone

In related news, VP Dennis W. 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 owned 441 shares of the company's stock, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.60% of the company's stock.

About AutoZone

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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