Royal London Asset Management Ltd. Decreases Holdings in AutoZone, Inc. $AZO

Key Points

• Royal London Asset Management cut its AutoZone stake by 14.1% in the second quarter, selling 1,169 shares and retaining 7,149 shares valued at approximately $22.85 million. Institutional investors collectively own 92.74% of the company.
• AutoZone shares opened at $2,967.55, 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 despite lowering price targets: AutoZone has a consensus “Moderate Buy” rating and an average target price of $4,029.43, compared with the current share price.

Royal London Asset Management Ltd. lowered its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 14.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,149 shares of the company's stock after selling 1,169 shares during the period. Royal London Asset Management Ltd.'s holdings in AutoZone were worth $22,848,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Brighton Jones LLC increased its position in AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock valued at $356,000 after acquiring an additional 14 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of AutoZone during the 2nd quarter worth about $356,000. Guggenheim Capital LLC boosted its stake in shares of AutoZone by 3.8% during the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock worth $921,000 after purchasing an additional 9 shares during the period. NewEdge Advisors LLC raised its position in AutoZone by 8.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock worth $5,110,000 after purchasing an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina lifted its stake in AutoZone by 52.3% in the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock worth $43,667,000 after purchasing an additional 4,039 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

AutoZone Stock Up 0.2%

Shares of NYSE AZO opened at $2,967.55 on Monday. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The firm has a market cap of $48.46 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The business has a fifty day simple moving average of $3,045.07 and a two-hundred day simple moving average of $3,305.33.

AutoZone announced that its Board of Directors has authorized a stock repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares of the company's stock, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AZO shares. 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 report on Wednesday, May 27th. DA Davidson reduced their target price on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Morgan Stanley decreased their target price on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research report on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, May 27th. Finally, Guggenheim cut their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. One investment 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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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