Raiffeisen Bank International AG Reduces Position in AutoZone, Inc. $AZO

Key Points

• Raiffeisen Bank International cut its AutoZone stake by 88.2% in the second quarter, selling 1,114 shares and retaining 149 shares valued at approximately $470,000. Institutional investors collectively own 92.74% of AutoZone.
• Analysts remain broadly positive, with AutoZone receiving a consensus “Moderate Buy” rating and an average price target of $3,999.04, despite several firms lowering their targets.
• AutoZone authorized a $1.5 billion share-repurchase program, allowing it to buy back up to 3% of outstanding shares; the stock recently traded near $2,982, close to its 12-month low.

Raiffeisen Bank International AG decreased its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 88.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 149 shares of the company's stock after selling 1,114 shares during the quarter. Raiffeisen Bank International AG's holdings in AutoZone were worth $470,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Midwest Trust Co raised its position in shares of AutoZone by 4.2% in the 4th quarter. Midwest Trust Co now owns 74 shares of the company's stock valued at $251,000 after purchasing an additional 3 shares in the last quarter. Arrowroot Family Office LLC grew its position in shares of AutoZone by 5.4% during the fourth quarter. Arrowroot Family Office LLC now owns 59 shares of the company's stock worth $200,000 after buying an additional 3 shares in the last quarter. MCF Advisors LLC increased its stake in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after buying an additional 3 shares during the last quarter. IVC Wealth Advisors LLC increased its stake in shares of AutoZone by 2.9% in the first quarter. IVC Wealth Advisors LLC now owns 107 shares of the company's stock worth $361,000 after buying an additional 3 shares during the last quarter. Finally, Pure Financial Advisors LLC raised its holdings in AutoZone by 2.4% in the fourth quarter. Pure Financial Advisors LLC now owns 127 shares of the company's stock valued at $430,000 after acquiring an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value 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 legal filing with the SEC, which is available at this link. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AZO has been the topic of a number of research analyst reports. Robert W. Baird reduced their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Jefferies Financial Group dropped their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Mizuho cut their target price on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Evercore reaffirmed an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. Finally, JPMorgan Chase & Co. decreased their price target on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AutoZone presently has an average rating of "Moderate Buy" and a consensus price target of $3,999.04.

AutoZone Price Performance

AutoZone stock opened at $2,981.99 on Monday. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The company has a fifty day moving average price of $3,036.29 and a two-hundred day moving average price of $3,276.84. The company has a market cap of $48.70 billion, a PE ratio of 20.50, a P/E/G ratio of 1.49 and a beta of 0.34.

AutoZone announced that its Board of Directors has initiated a stock repurchase program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

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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