Truist Financial Cuts AutoZone (NYSE:AZO) Price Target to $2,174.00

AutoZone (NYSE:AZOGet Rating) had its price target dropped by analysts at Truist Financial from $2,215.00 to $2,174.00 in a note issued to investors on Wednesday, The Fly reports. Truist Financial’s price target points to a potential upside of 13.99% from the company’s previous close.

AZO has been the subject of a number of other reports. Morgan Stanley lifted their price objective on shares of AutoZone from $2,050.00 to $2,125.00 and gave the company an “equal weight” rating in a report on Wednesday, March 2nd. Raymond James lifted their price objective on shares of AutoZone from $2,100.00 to $2,400.00 and gave the company an “outperform” rating in a report on Tuesday, April 19th. Argus upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $2,210.00 price objective for the company in a report on Tuesday, March 29th. Zacks Investment Research cut shares of AutoZone from a “strong-buy” rating to a “hold” rating and set a $2,096.00 price objective for the company. in a report on Tuesday, February 8th. Finally, StockNews.com assumed coverage on shares of AutoZone in a report on Thursday, March 31st. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $2,063.47.

Shares of AZO stock traded down $3.00 during trading hours on Wednesday, hitting $1,907.22. 1,492 shares of the company’s stock traded hands, compared to its average volume of 193,934. The stock’s 50 day simple moving average is $2,037.36 and its 200 day simple moving average is $1,976.06. The stock has a market cap of $37.86 billion, a PE ratio of 17.31, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90. AutoZone has a 12 month low of $1,367.96 and a 12 month high of $2,267.40.

AutoZone (NYSE:AZOGet Rating) last announced its earnings results on Tuesday, May 24th. The company reported $29.03 earnings per share for the quarter, topping analysts’ consensus estimates of $25.70 by $3.33. AutoZone had a net margin of 15.44% and a negative return on equity of 109.21%. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.71 billion. During the same quarter last year, the firm earned $26.48 earnings per share. AutoZone’s quarterly revenue was up 5.9% on a year-over-year basis. Equities analysts forecast that AutoZone will post 111.66 earnings per share for the current fiscal year.

In other AutoZone news, VP Eric S. Gould sold 2,550 shares of the business’s stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $2,000.00, for a total value of $5,100,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Preston Frazer sold 1,500 shares of the company’s stock in a transaction on Wednesday, April 20th. The shares were sold at an average price of $2,220.00, for a total transaction of $3,330,000.00. Following the completion of the sale, the executive vice president now directly owns 783 shares of the company’s stock, valued at approximately $1,738,260. The disclosure for this sale can be found here. Insiders have sold a total of 7,682 shares of company stock worth $16,146,334 in the last ninety days. 2.60% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its position in AutoZone by 368.0% during the 1st quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock valued at $841,242,000 after buying an additional 323,536 shares during the period. Norges Bank bought a new position in shares of AutoZone in the 4th quarter worth about $420,100,000. Altshuler Shaham Ltd increased its stake in shares of AutoZone by 556,107.4% in the 3rd quarter. Altshuler Shaham Ltd now owns 150,176 shares of the company’s stock worth $325,000 after acquiring an additional 150,149 shares in the last quarter. JPMorgan Chase & Co. increased its stake in AutoZone by 13.9% during the 1st quarter. JPMorgan Chase & Co. now owns 1,188,751 shares of the company’s stock valued at $2,430,495,000 after purchasing an additional 144,984 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in AutoZone during the 3rd quarter valued at about $161,309,000. 95.97% of the stock is owned by institutional investors.

About AutoZone (Get Rating)

AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs.

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