AutoZone (NYSE:AZO) Price Target Lowered to $3,850.00 at Mizuho

AutoZone (NYSE:AZO) had its target price reduced by Mizuho from $4,050.00 to $3,850.00 in a report issued on Wednesday morning, Marketbeat.com reports. Mizuho currently has an outperform rating on the stock.

A number of other analysts have also weighed in on the stock. Wolfe Research initiated coverage on shares of AutoZone in a report on Thursday, September 18th. They set an “outperform” rating and a $4,741.00 target price for the company. TD Cowen upped their price target on AutoZone from $4,300.00 to $4,900.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. Rothschild & Co Redburn lifted their price objective on AutoZone from $4,300.00 to $4,700.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. UBS Group reduced their target price on AutoZone from $4,800.00 to $4,325.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Zacks Research upgraded AutoZone from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. Two 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 company. Based on data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus target price of $4,398.31.

AutoZone Stock Down 2.0%

AutoZone stock opened at $3,425.96 on Wednesday. The company has a market capitalization of $56.97 billion, a PE ratio of 23.89, a P/E/G ratio of 1.67 and a beta of 0.40. The firm has a fifty day simple moving average of $3,870.19 and a two-hundred day simple moving average of $3,899.19. AutoZone has a twelve month low of $3,162.00 and a twelve month high of $4,388.11.

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

AutoZone declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the sale, the vice president owned 1,244 shares in the company, valued at approximately $5,194,570.80. This trade represents a 69.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP K. Michelle Borninkhof sold 300 shares of AutoZone 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 directly owned 416 shares of the company’s stock, valued at approximately $1,570,400. This trade represents a 41.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 5,693 shares of company stock worth $23,259,891. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently modified their holdings of the company. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone during the third quarter worth about $25,000. Raleigh Capital Management Inc. purchased a new position in shares of AutoZone in the third quarter worth $26,000. Saudi Central Bank bought a new position in shares of AutoZone during the first quarter worth $27,000. Aspect Partners LLC lifted its stake in AutoZone by 700.0% in the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after purchasing an additional 7 shares in the last quarter. Finally, Global Trust Asset Management LLC boosted its holdings in shares of AutoZone by 600.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after purchasing an additional 6 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

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.