AutoZone (NYSE:AZO) Price Target Cut to $4,268.00 by Analysts at BNP Paribas Exane

AutoZone (NYSE:AZO) had its price target trimmed by BNP Paribas Exane from $4,811.00 to $4,268.00 in a research note published on Wednesday,MarketScreener reports. The firm currently has an outperform rating on the stock.

Several other research analysts also recently weighed in on AZO. TD Cowen upped their target price on shares of AutoZone from $4,300.00 to $4,900.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. The Goldman Sachs Group upgraded shares of AutoZone from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $4,090.00 to $4,262.00 in a report on Thursday, November 13th. Robert W. Baird began coverage on AutoZone in a research note on Wednesday, December 3rd. They set an “outperform” rating and a $4,500.00 target price for the company. Gabelli reaffirmed a “buy” rating on shares of AutoZone in a research report on Thursday, November 6th. Finally, DA Davidson set a $4,850.00 price target on AutoZone in a research note on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4,398.31.

AutoZone Stock Down 2.0%

Shares of AZO stock opened at $3,425.96 on Wednesday. The stock has a market cap of $56.97 billion, a P/E ratio of 23.89, a P/E/G ratio of 1.67 and a beta of 0.40. AutoZone has a fifty-two week low of $3,162.00 and a fifty-two week high of $4,388.11. The business has a fifty day simple moving average of $3,870.19 and a 200-day simple moving average of $3,899.19.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $32.69 by ($1.65). The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $32.52 EPS. On average, sell-side analysts anticipate that AutoZone will post 152.94 earnings per share for the current year.

AutoZone declared that its Board of Directors has initiated a share repurchase plan on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other AutoZone news, CEO Philip B. Daniele sold 2,533 shares of the firm’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the sale, the chief executive officer directly owned 55 shares in the company, valued at approximately $221,148.40. This trade represents a 97.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP K. Michelle Borninkhof sold 300 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the completion of the sale, the senior vice president owned 416 shares of the company’s stock, valued at approximately $1,570,400. The trade was a 41.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 5,693 shares of company stock worth $23,259,891. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Several large investors have recently made changes to their positions in the business. Turning Point Benefit Group Inc. acquired a new position in AutoZone in the 3rd quarter valued at approximately $25,000. Raleigh Capital Management Inc. bought a new position in AutoZone in the 3rd quarter valued at $26,000. Saudi Central Bank bought a new position in shares of AutoZone in the first quarter valued at about $27,000. Aspect Partners LLC increased its holdings in shares of AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after purchasing an additional 7 shares in the last quarter. Finally, Global Trust Asset Management LLC increased its holdings in shares of AutoZone by 600.0% in the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after purchasing an additional 6 shares in the last quarter. Institutional investors and hedge funds 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.