AutoZone (NYSE:AZO) Price Target Cut to $4,600.00 by Analysts at Raymond James Financial

AutoZone (NYSE:AZO) had its price target reduced by Raymond James Financial from $4,800.00 to $4,600.00 in a report issued on Wednesday morning,MarketScreener reports. Raymond James Financial currently has a strong-buy rating on the stock.

Other research analysts also recently issued reports about the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of AutoZone in a research report on Monday. Rothschild & Co Redburn increased their target price on AutoZone from $4,300.00 to $4,700.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Jefferies Financial Group increased their price target on shares of AutoZone from $4,255.00 to $4,750.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Wells Fargo & Company cut their price target on AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Evercore ISI restated an “outperform” rating and issued a $4,100.00 price objective on shares of AutoZone in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $4,398.31.

AutoZone Trading Down 2.0%

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

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The firm’s revenue for the quarter 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, research analysts predict that AutoZone will post 152.94 earnings per share for the current year.

AutoZone announced that its Board of Directors has initiated a share buyback program on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insider Activity at AutoZone

In related news, VP John Scott Murphy sold 2,860 shares of the 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 transaction of $11,942,502.00. Following the completion of the transaction, the vice president directly owned 1,244 shares of the company’s stock, valued at approximately $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP K. Michelle Borninkhof sold 300 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $1,570,400. This trade represents a 41.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 5,693 shares of company stock valued at $23,259,891. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On AutoZone

Institutional investors have recently added to or reduced their stakes in the stock. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone during the third quarter worth $25,000. Raleigh Capital Management Inc. purchased a new stake in shares of AutoZone in the third quarter valued at about $26,000. Saudi Central Bank acquired a new stake in AutoZone during the first quarter worth about $27,000. Aspect Partners LLC increased its holdings in shares of AutoZone by 700.0% during the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after buying an additional 7 shares during the last quarter. Finally, Global Trust Asset Management LLC raised its position in 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 during the period. 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.