AutoZone (NYSE:AZO) Given New $4,900.00 Price Target at Citigroup

AutoZone (NYSE:AZO) had its price objective lifted by Citigroup from $3,900.00 to $4,900.00 in a report published on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other research firms have also recently commented on AZO. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 28th. Wells Fargo & Company set a $4,200.00 price objective on AutoZone and gave the stock an “overweight” rating in a research report on Monday, May 19th. JPMorgan Chase & Co. lifted their price objective on AutoZone from $3,830.00 to $4,350.00 and gave the stock an “overweight” rating in a research report on Friday, May 23rd. Mizuho lifted their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the stock an “outperform” rating in a research report on Thursday, July 3rd. Finally, DA Davidson lifted their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $4,148.90.

AutoZone Stock Up 0.1%

Shares of AZO stock opened at $4,184.08 on Wednesday. The stock has a market cap of $70.22 billion, a P/E ratio of 28.32, a P/E/G ratio of 2.21 and a beta of 0.41. The business has a fifty day simple moving average of $3,903.12 and a 200-day simple moving average of $3,731.55. AutoZone has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,229.68.

Insider Activity

In other news, Chairman William C. Rhodes III sold 27,500 shares of AutoZone stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the transaction, the chairman directly owned 8,546 shares of the company’s stock, valued at $31,696,515.78. The trade was a 76.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the transaction, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,250 shares of company stock valued at $116,321,123 in the last three months. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Several hedge funds and other institutional investors have recently modified their holdings of the company. Thrivent Financial for Lutherans lifted its stake in shares of AutoZone by 130.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,000 shares of the company’s stock valued at $7,419,000 after purchasing an additional 1,132 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new position in AutoZone during the 2nd quarter worth approximately $2,469,000. Stance Capital LLC acquired a new position in AutoZone during the 2nd quarter worth approximately $1,492,000. B. Riley Wealth Advisors Inc. acquired a new position in AutoZone during the 2nd quarter worth approximately $2,173,000. Finally, Hudson Bay Capital Management LP lifted its position in AutoZone by 658.0% during the 2nd quarter. Hudson Bay Capital Management LP now owns 16,358 shares of the company’s stock worth $60,725,000 after acquiring an additional 14,200 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

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.