Royal London Asset Management Ltd. Cuts Stock Position in AutoZone, Inc. $AZO

Royal London Asset Management Ltd. trimmed its position in shares of AutoZone, Inc. (NYSE:AZO) by 14.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,149 shares of the company’s stock after selling 1,169 shares during the quarter. Royal London Asset Management Ltd.’s holdings in AutoZone were worth $22,848,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Turning Point Benefit Group Inc. acquired a new stake in AutoZone in the third quarter valued at approximately $25,000. Transamerica Financial Advisors LLC increased its position in shares of AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after purchasing an additional 4 shares in the last quarter. MCF Advisors LLC lifted its holdings in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after purchasing an additional 3 shares during the last quarter. Bard Associates Inc. purchased a new stake in shares of AutoZone during the 4th quarter valued at $31,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of AutoZone in the 2nd quarter worth $29,000. 92.74% of the stock is currently owned by institutional investors.

Insider Activity at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the company’s stock in a transaction dated 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 sale, the vice president owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Jefferies Financial Group reduced their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. TD Cowen restated a “buy” rating and set a $3,700.00 price objective on shares of AutoZone in a report on Thursday, June 4th. Mizuho decreased their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. Barclays lowered their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Finally, JPMorgan Chase & Co. cut their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Trading 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 company’s 50 day moving average is $3,045.07 and its 200 day moving average is $3,305.33. The company 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.

AutoZone declared that its board has authorized a stock repurchase plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.