Resona Asset Management Co. Ltd. Sells 357 Shares of AutoZone, Inc. $AZO

Resona Asset Management Co. Ltd. lowered its holdings in AutoZone, Inc. (NYSE:AZO) by 5.3% in the 1st quarter, Holdings Channel reports. The firm owned 6,437 shares of the company’s stock after selling 357 shares during the period. Resona Asset Management Co. Ltd.’s holdings in AutoZone were worth $21,708,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in AutoZone by 6.6% during the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock valued at $21,315,000 after buying an additional 306 shares during the last quarter. Numerai GP LLC boosted its stake in shares of AutoZone by 1,199.3% during the 3rd quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock worth $7,525,000 after acquiring an additional 1,619 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of AutoZone during the 4th quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its position in shares of AutoZone by 15.2% during the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock valued at $48,241,000 after acquiring an additional 1,882 shares during the period. Finally, CIBC Asset Management Inc increased its stake in shares of AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

Shares of AutoZone stock opened at $3,006.21 on Friday. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The firm’s 50-day moving average is $3,205.01 and its two-hundred day moving average is $3,433.41. The stock has a market cap of $49.09 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 1.56 and a beta of 0.33.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same quarter in the previous year, the business posted $35.36 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone declared that its Board of Directors has initiated a share repurchase program 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 programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Roth Capital decreased their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. The Goldman Sachs Group decreased their target price on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Citigroup lowered their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. DA Davidson dropped their target price on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Jefferies Financial Group dropped their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. One investment 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

Insider Transactions at AutoZone

In other AutoZone news, Director Brian Hannasch acquired 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by insiders.

AutoZone 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.