AutoZone (NYSE:AZO) Price Target Cut to $3,394.00

AutoZone (NYSE:AZO) had its price target lowered by equities researchers at Truist Financial from $3,523.00 to $3,394.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 22.19% from the stock’s current price.

AZO has been the topic of several other research reports. JPMorgan Chase & Co. boosted their target price on shares of AutoZone from $3,000.00 to $3,200.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 28th. DA Davidson raised their target price on AutoZone from $2,770.00 to $3,025.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Mizuho dropped their price target on AutoZone from $3,450.00 to $3,280.00 and set a “buy” rating on the stock in a research note on Wednesday. Citigroup reduced their price objective on AutoZone from $3,505.00 to $3,420.00 and set a “buy” rating for the company in a research note on Tuesday, May 7th. Finally, Evercore ISI dropped their target price on AutoZone from $3,300.00 to $3,250.00 and set an “outperform” rating on the stock in a research report on Wednesday. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $3,066.53.

AutoZone Trading Up 0.2 %

NYSE AZO opened at $2,777.54 on Wednesday. The firm’s fifty day simple moving average is $3,015.95 and its two-hundred day simple moving average is $2,826.45. The firm has a market capitalization of $48.11 billion, a P/E ratio of 19.56, a P/E/G 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 released its quarterly earnings results on Tuesday, May 21st. The company reported $36.69 EPS for the quarter, beating analysts’ consensus estimates of $35.67 by $1.02. AutoZone had a negative return on equity of 56.06% and a net margin of 14.70%. The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same period last year, the business posted $34.12 earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that AutoZone will post 152.27 earnings per share for the current fiscal year.

Insider Activity

In other AutoZone news, Chairman William C. Rhodes III sold 6,700 shares of the stock in a transaction 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 transaction, the chairman now directly owns 15,357 shares of the company’s stock, valued at $48,992,208.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Chairman William C. Rhodes III sold 6,700 shares of AutoZone stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $3,190.22, for a total value of $21,374,474.00. Following the sale, the chairman now directly owns 15,357 shares of the company’s stock, valued at $48,992,208.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Eric S. Gould sold 2,100 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $3,200.00, for a total value of $6,720,000.00. Following the completion of the transaction, the vice president now directly owns 910 shares of the company’s stock, valued at $2,912,000. The disclosure for this sale can be found here. Insiders sold 15,990 shares of company stock worth $50,335,193 over the last three months. 2.50% of the stock is currently owned by corporate insiders.

Institutional Trading of AutoZone

Several large investors have recently bought and sold shares of the business. Rock Creek Group LP acquired a new stake in AutoZone during the third quarter worth about $25,000. Rise Advisors LLC acquired a new stake in shares of AutoZone during the 1st quarter worth approximately $32,000. Riverview Trust Co purchased a new stake in shares of AutoZone during the 1st quarter valued at approximately $41,000. ORG Partners LLC acquired a new position in AutoZone in the third quarter valued at approximately $43,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in AutoZone in the third quarter worth approximately $51,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

About AutoZone

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.