Resona Asset Management Co. Ltd. Sells 226 Shares of AutoZone, Inc. $AZO

Resona Asset Management Co. Ltd. cut its position in shares of AutoZone, Inc. (NYSE:AZO) by 3.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,005 shares of the company’s stock after selling 226 shares during the period. Resona Asset Management Co. Ltd.’s holdings in AutoZone were worth $30,038,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC raised its holdings in shares of AutoZone by 371,123.0% in the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after buying an additional 935,230 shares during the period. Norges Bank bought a new position in AutoZone in the 2nd quarter valued at $981,202,000. Vontobel Holding Ltd. grew its position in AutoZone by 277.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock valued at $440,037,000 after acquiring an additional 75,382 shares during the last quarter. Evelyn Partners Investment Management Services Ltd increased its stake in AutoZone by 1,185.5% in the second quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company’s stock worth $240,126,000 after purchasing an additional 59,653 shares during the period. Finally, Ninety One UK Ltd lifted its position in shares of AutoZone by 349.5% during the second quarter. Ninety One UK Ltd now owns 74,400 shares of the company’s stock worth $276,190,000 after purchasing an additional 57,849 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AutoZone news, SVP K. Michelle Borninkhof sold 300 shares of the stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the completion of the sale, the senior vice president directly owned 416 shares of the company’s stock, valued at approximately $1,570,400. This represents a 41.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brian Hannasch purchased 147 shares of the stock in a transaction dated Thursday, December 18th. The stock was purchased at an average price of $3,393.09 per share, for a total transaction of $498,784.23. Following the completion of the acquisition, the director directly owned 962 shares in the company, valued at approximately $3,264,152.58. This represents a 18.04% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 347 shares of company stock valued at $1,179,256 and sold 3,837 shares valued at $13,445,423. Company insiders own 2.60% of the company’s stock.

AutoZone Stock Up 0.0%

Shares of NYSE:AZO opened at $3,698.69 on Friday. The firm has a 50 day moving average of $3,585.72 and a 200 day moving average of $3,848.50. The company has a market capitalization of $61.28 billion, a price-to-earnings ratio of 25.79, a price-to-earnings-growth ratio of 1.77 and a beta of 0.42. AutoZone, Inc. has a 52 week low of $3,210.72 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $32.69 by ($1.65). The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same period last year, the business posted $32.52 EPS. On average, sell-side analysts expect that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone announced that its board has authorized a share buyback program on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on AZO. Mizuho restated a “neutral” rating and issued a $3,550.00 price target (down from $3,850.00) on shares of AutoZone in a report on Monday, January 5th. Robert W. Baird upgraded shares of AutoZone to a “strong-buy” rating in a research note on Thursday, December 4th. BMO Capital Markets decreased their price target on shares of AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating for the company in a research note on Wednesday, December 10th. Zacks Research upgraded AutoZone from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. Finally, Barclays set a $3,880.00 price objective on AutoZone in a report on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,285.00.

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.