AutoZone (NYSE:AZO) Price Target Cut to $4,500.00 by Analysts at DA Davidson

AutoZone (NYSE:AZO) had its target price reduced by DA Davidson from $4,850.00 to $4,500.00 in a report released on Wednesday morning, Marketbeat Ratings reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently commented on the stock. Roth Capital reissued a “buy” rating and set a $4,650.00 target price (down from $4,750.00) on shares of AutoZone in a research report on Wednesday. Wells Fargo & Company lowered their price objective on AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating on the stock in a research note on Wednesday. Baird R W upgraded AutoZone to a “strong-buy” rating in a research report on Thursday, December 4th. BNP Paribas Exane cut their price objective on AutoZone from $4,811.00 to $4,268.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, TD Cowen upped their price objective on shares of AutoZone from $4,300.00 to $4,900.00 and gave the stock a “buy” rating in a research report on Thursday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and an average price target of $4,398.31.

AutoZone Trading Down 2.0%

AZO stock opened at $3,425.96 on Wednesday. AutoZone has a 12 month low of $3,162.00 and a 12 month high of $4,388.11. The stock has a market capitalization of $56.97 billion, a P/E ratio of 23.89, a price-to-earnings-growth ratio of 1.67 and a beta of 0.40. The firm has a 50-day moving average price of $3,870.19 and a 200-day moving average price of $3,899.19.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business earned $32.52 EPS. As a group, equities analysts predict that AutoZone will post 152.94 EPS for the current fiscal year.

AutoZone announced that its board has initiated a stock buyback program on Wednesday, October 8th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at AutoZone

In related news, SVP K. Michelle Borninkhof sold 300 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the sale, the senior vice president owned 416 shares of the company’s stock, valued at $1,570,400. The trade was a 41.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John Scott Murphy sold 2,860 shares of the business’s stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the sale, the vice president directly owned 1,244 shares in the company, valued at approximately $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 5,693 shares of company stock valued at $23,259,891. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its position in AutoZone by 125.3% during the third quarter. Allworth Financial LP now owns 401 shares of the company’s stock valued at $1,718,000 after acquiring an additional 223 shares during the last quarter. IFP Advisors Inc grew its stake in shares of AutoZone by 14.2% during the 3rd quarter. IFP Advisors Inc now owns 337 shares of the company’s stock valued at $1,453,000 after purchasing an additional 42 shares during the period. Swiss Life Asset Management Ltd grew its stake in shares of AutoZone by 3.6% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 2,867 shares of the company’s stock valued at $12,300,000 after purchasing an additional 100 shares during the period. Groupama Asset Managment purchased a new stake in shares of AutoZone during the 3rd quarter valued at about $626,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in shares of AutoZone in the 3rd quarter worth approximately $382,000. 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.