AutoZone (NYSE:AZO) Shares Gap Down After Analyst Downgrade

AutoZone, Inc. (NYSE:AZO – Get Rating)’s stock price gapped down before the market opened on Tuesday after DA Davidson lowered their price target on the stock from $2,425.00 to $2,340.00. The stock had previously closed at $2,619.80, but opened at $2,492.01. AutoZone shares last traded at $2,505.44, with a volume of 66,341 shares trading hands.

Other research analysts have also issued research reports about the company. Morgan Stanley boosted their price objective on AutoZone from $2,725.00 to $2,800.00 and gave the stock an “overweight” rating in a report on Wednesday, March 1st. Barclays began coverage on shares of AutoZone in a research report on Tuesday, February 7th. They set an “overweight” rating and a $2,663.00 price objective on the stock. Wells Fargo & Company upped their target price on shares of AutoZone from $2,850.00 to $3,000.00 in a research report on Monday, May 15th. The Goldman Sachs Group lowered their price target on AutoZone from $2,899.00 to $2,840.00 in a research report on Tuesday. Finally, 51job reiterated a “maintains” rating on shares of AutoZone in a report on Thursday, May 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and an average target price of $2,683.56.

Insider Activity

In related news, CEO William C. Rhodes III sold 29,511 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $2,427.27, for a total transaction of $71,631,164.97. Following the transaction, the chief executive officer now owns 14,825 shares in the company, valued at approximately $35,984,277.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Grant E. Mcgee sold 1,575 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $2,511.63, for a total value of $3,955,817.25. Following the completion of the sale, the vice president now directly owns 246 shares of the company’s stock, valued at approximately $617,860.98. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William C. Rhodes III sold 29,511 shares of the business’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $2,427.27, for a total transaction of $71,631,164.97. Following the transaction, the chief executive officer now owns 14,825 shares in the company, valued at approximately $35,984,277.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,960 shares of company stock valued at $90,128,092. Insiders own 2.59% of the company’s stock.

Institutional Trading of AutoZone

Several large investors have recently bought and sold shares of the company. 3Chopt Investment Partners LLC bought a new stake in shares of AutoZone during the first quarter valued at approximately $733,000. Putnam Investments LLC grew its position in shares of AutoZone by 10.1% in the 1st quarter. Putnam Investments LLC now owns 11,895 shares of the company’s stock worth $29,240,000 after buying an additional 1,089 shares during the period. Centaurus Financial Inc. bought a new position in shares of AutoZone in the 1st quarter worth about $108,000. Rockefeller Capital Management L.P. lifted its position in AutoZone by 3.2% during the 1st quarter. Rockefeller Capital Management L.P. now owns 522 shares of the company’s stock valued at $1,283,000 after acquiring an additional 16 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in AutoZone by 28.2% during the first quarter. Thrivent Financial for Lutherans now owns 1,410 shares of the company’s stock worth $3,466,000 after acquiring an additional 310 shares in the last quarter. 91.12% of the stock is owned by institutional investors.

AutoZone Stock Down 1.6 %

The stock’s fifty day simple moving average is $2,574.74 and its two-hundred day simple moving average is $2,499.42. The firm has a market cap of $44.59 billion, a PE ratio of 19.93, a PEG ratio of 1.79 and a beta of 0.68.

AutoZone (NYSE:AZO – Get Rating) last posted its quarterly earnings data on Tuesday, May 23rd. The company reported $34.12 earnings per share for the quarter, beating analysts’ consensus estimates of $30.84 by $3.28. AutoZone had a negative return on equity of 64.72% and a net margin of 14.32%. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.12 billion. During the same quarter last year, the company earned $29.03 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts anticipate that AutoZone, Inc. will post 127.94 earnings per share for the current fiscal year.

About AutoZone

(Get Rating)

AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells, and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.