Northwestern Mutual Wealth Management Co. Has $5.76 Million Position in AutoZone, Inc. $AZO

Northwestern Mutual Wealth Management Co. cut its stake in shares of AutoZone, Inc. (NYSE:AZO) by 37.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,801 shares of the company’s stock after selling 1,061 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in AutoZone were worth $5,756,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AZO. BlackRock Inc. bought a new stake in shares of AutoZone during the second quarter worth $3,938,566,000. Morgan Stanley lifted its stake in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after acquiring an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of AutoZone by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after acquiring an additional 7,390 shares during the last quarter. Norges Bank acquired a new stake in shares of AutoZone during the 4th quarter valued at $939,205,000. Finally, First Manhattan CO. LLC. boosted its holdings in shares of AutoZone by 2.7% during the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after acquiring an additional 6,765 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AZO has been the topic of a number of research reports. JPMorgan Chase & Co. reduced their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Evercore reissued an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Citigroup reduced their price target on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. TD Cowen lowered their price objective on AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating for the company in a research note on Monday. Finally, Jefferies Financial Group dropped their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3,999.04.

AutoZone Stock Up 1.2%

NYSE AZO opened at $2,969.11 on Friday. The company has a market capitalization of $48.49 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 1.47 and a beta of 0.34. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The stock has a fifty day simple moving average of $3,039.20 and a 200 day simple moving average of $3,282.96.

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

Insider Activity at AutoZone

In other news, VP Dennis LeRiche sold 1,455 shares of the 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 completion of the sale, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.

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.