Advance Auto Parts (NYSE:AAP) Price Target Cut to $165.00 by Analysts at Wedbush

Advance Auto Parts (NYSE:AAPGet Rating) had its price target cut by Wedbush from $200.00 to $165.00 in a report issued on Wednesday, The Fly reports. They currently have an outperform rating on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q4 2022 earnings at $2.47 EPS, FY2022 earnings at $12.65 EPS, Q1 2023 earnings at $3.72 EPS, Q2 2023 earnings at $4.01 EPS, Q3 2023 earnings at $3.52 EPS, Q4 2023 earnings at $2.87 EPS, FY2023 earnings at $14.13 EPS and FY2024 earnings at $16.07 EPS.

Several other research analysts also recently weighed in on the company. Wells Fargo & Company reduced their target price on Advance Auto Parts from $200.00 to $180.00 and set an equal weight rating for the company in a research note on Wednesday. Morgan Stanley reduced their price objective on Advance Auto Parts from $225.00 to $205.00 and set an equal weight rating for the company in a research note on Thursday, August 25th. UBS Group reduced their price objective on Advance Auto Parts from $250.00 to $230.00 and set a buy rating for the company in a research note on Wednesday, August 24th. Raymond James reduced their price objective on Advance Auto Parts from $220.00 to $210.00 and set a strong-buy rating for the company in a research note on Thursday, October 20th. Finally, Truist Financial reduced their price objective on Advance Auto Parts from $238.00 to $228.00 and set a buy rating for the company in a research note on Thursday, August 25th. Eight equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Advance Auto Parts has an average rating of Moderate Buy and an average price target of $197.07.

Advance Auto Parts Trading Down 0.5 %

Shares of AAP stock opened at $147.50 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 0.25. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 0.94 and a beta of 1.27. The stock has a 50 day simple moving average of $171.75 and a 200-day simple moving average of $182.07. Advance Auto Parts has a 1-year low of $145.59 and a 1-year high of $244.55.

Advance Auto Parts (NYSE:AAPGet Rating) last announced its earnings results on Tuesday, August 23rd. The company reported $3.74 earnings per share for the quarter, hitting the consensus estimate of $3.74. The business had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.75 billion. Advance Auto Parts had a return on equity of 25.97% and a net margin of 4.30%. During the same period in the prior year, the company posted $3.40 EPS. On average, equities research analysts expect that Advance Auto Parts will post 12.62 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 4.07%. The ex-dividend date is Thursday, December 15th. Advance Auto Parts’s payout ratio is currently 77.12%.

Institutional Trading of Advance Auto Parts

Large investors have recently added to or reduced their stakes in the stock. Covestor Ltd grew its holdings in shares of Advance Auto Parts by 113.7% during the 1st quarter. Covestor Ltd now owns 156 shares of the company’s stock worth $32,000 after purchasing an additional 83 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Advance Auto Parts during the 1st quarter worth $35,000. Ellevest Inc. grew its holdings in shares of Advance Auto Parts by 161.0% during the 2nd quarter. Ellevest Inc. now owns 201 shares of the company’s stock worth $35,000 after purchasing an additional 124 shares during the period. First Personal Financial Services grew its holdings in shares of Advance Auto Parts by 113.3% during the 3rd quarter. First Personal Financial Services now owns 224 shares of the company’s stock worth $35,000 after purchasing an additional 119 shares during the period. Finally, Private Trust Co. NA purchased a new position in shares of Advance Auto Parts during the 2nd quarter worth $36,000. 99.47% of the stock is currently owned by hedge funds and other institutional investors.

Advance Auto Parts Company Profile

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Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.

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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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