AutoZone (NYSE:AZO) Price Target Cut to $3,000.00

AutoZone (NYSE:AZO) had its price objective lowered by research analysts at Wolfe Research from $3,150.00 to $3,000.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wolfe Research’s price objective would suggest a potential upside of 8.01% from the company’s current price.

A number of other analysts have also recently commented on the stock. StockNews.com cut shares of AutoZone from a “buy” rating to a “hold” rating in a report on Friday, April 12th. JPMorgan Chase & Co. lifted their price objective on AutoZone from $3,000.00 to $3,200.00 and gave the company an “overweight” rating in a research report on Wednesday, February 28th. Mizuho decreased their target price on shares of AutoZone from $3,450.00 to $3,280.00 and set a “buy” rating on the stock in a research note on Wednesday. Barclays upped their price target on shares of AutoZone from $2,779.00 to $3,100.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Finally, Truist Financial raised their price objective on shares of AutoZone from $3,363.00 to $3,523.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3,066.53.

AutoZone Trading Up 0.2 %

NYSE:AZO opened at $2,777.54 on Wednesday. The company has a 50 day simple moving average of $3,015.95 and a two-hundred day simple moving average of $2,826.45. The company has a market cap of $48.11 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 1.40 and a beta of 0.72. AutoZone has a 12 month low of $2,277.88 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 21st. The company reported $36.69 EPS for the quarter, beating analysts’ consensus estimates of $35.67 by $1.02. The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.29 billion. AutoZone had a negative return on equity of 56.06% and a net margin of 14.70%. AutoZone’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $34.12 earnings per share. Research analysts forecast that AutoZone will post 152.27 earnings per share for the current year.

Insider Transactions at AutoZone

In related news, Chairman William C. Rhodes III sold 6,700 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total transaction of $21,374,474.00. Following the completion of the sale, the chairman now owns 15,357 shares of the company’s stock, valued at $48,992,208.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $2,997.76, for a total value of $8,993,280.00. Following the completion of the transaction, the vice president now owns 2,921 shares in the company, valued at approximately $8,756,456.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman William C. Rhodes III sold 6,700 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total transaction of $21,374,474.00. Following the completion of the transaction, the chairman now directly owns 15,357 shares in the company, valued at $48,992,208.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,990 shares of company stock valued at $50,335,193. 2.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Hedge funds have recently made changes to their positions in the stock. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of AutoZone by 70.3% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 201 shares of the company’s stock worth $511,000 after acquiring an additional 83 shares during the period. Larson Financial Group LLC grew its position in AutoZone by 471.4% in the 3rd quarter. Larson Financial Group LLC now owns 40 shares of the company’s stock valued at $102,000 after buying an additional 33 shares during the last quarter. ORG Partners LLC acquired a new position in AutoZone in the 3rd quarter valued at $43,000. Nomura Asset Management Co. Ltd. raised its position in AutoZone by 17.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 7,329 shares of the company’s stock worth $18,616,000 after buying an additional 1,066 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of AutoZone by 6.4% in the 3rd quarter. Signaturefd LLC now owns 413 shares of the company’s stock worth $1,049,000 after acquiring an additional 25 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.