AutoZone (NYSE:AZO) Price Target Lowered to $4,076.00 at Truist Financial

AutoZone (NYSE:AZO) had its price target reduced by Truist Financial from $4,499.00 to $4,076.00 in a research note released on Wednesday, Marketbeat reports. They currently have a buy rating on the stock.

AZO has been the topic of several other research reports. Rothschild & Co Redburn lifted their price target on shares of AutoZone from $4,300.00 to $4,700.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. UBS Group reduced their price target on shares of AutoZone from $4,800.00 to $4,325.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company dropped their target price on AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating on the stock in a research report on Wednesday. Guggenheim reduced their target price on AutoZone from $4,600.00 to $4,400.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, DA Davidson set a $4,850.00 price objective on shares of AutoZone in a research report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4,398.31.

AutoZone Trading Down 2.0%

Shares of NYSE:AZO 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 company has a market cap of $56.97 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.67 and a beta of 0.40. The company’s 50 day moving average is $3,870.19 and its 200 day moving average is $3,899.19.

AutoZone (NYSE:AZO) last posted its earnings results 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 negative return on equity of 65.38% and a net margin of 12.78%.The company’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company earned $32.52 earnings per share. Equities research analysts predict that AutoZone will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its board has initiated a share repurchase program on Wednesday, October 8th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In related news, 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 owned 1,244 shares in the company, valued at approximately $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Philip B. Daniele sold 2,533 shares of the company’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 of the company’s stock, valued at approximately $221,148.40. This trade represents a 97.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 5,693 shares of company stock worth $23,259,891. Insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

Large investors have recently made changes to their positions in the business. Avantax Advisory Services Inc. grew its position in AutoZone by 8.3% during the second quarter. Avantax Advisory Services Inc. now owns 2,742 shares of the company’s stock valued at $10,179,000 after buying an additional 210 shares during the period. Quarry LP raised its stake in shares of AutoZone by 266.7% during the 1st quarter. Quarry LP now owns 165 shares of the company’s stock worth $629,000 after buying an additional 120 shares during the period. Night Squared LP purchased a new position in AutoZone during the first quarter valued at $2,860,000. Emerald Advisers LLC lifted its stake in AutoZone by 60.0% in the 2nd quarter. Emerald Advisers LLC now owns 224 shares of the company’s stock valued at $832,000 after buying an additional 84 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of AutoZone by 8.6% in the first quarter. Steward Partners Investment Advisory LLC now owns 2,540 shares of the company’s stock valued at $9,684,000 after acquiring an additional 201 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

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.