AutoZone (NYSE:AZO) Price Target Lowered to $4,400.00 at BMO Capital Markets

AutoZone (NYSE:AZO) had its target price decreased by BMO Capital Markets from $4,600.00 to $4,400.00 in a research report sent to investors on Wednesday, Marketbeat Ratings reports. BMO Capital Markets currently has an outperform rating on the stock.

Other research analysts also recently issued reports about the stock. Robert W. Baird initiated coverage on shares of AutoZone in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $4,500.00 target price for the company. Zacks Research upgraded AutoZone from a “strong sell” rating to a “hold” rating in a research report on Monday, November 24th. JPMorgan Chase & Co. boosted their price objective on shares of AutoZone from $4,200.00 to $4,850.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. Jefferies Financial Group upped their price objective on AutoZone from $4,255.00 to $4,750.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, Raymond James Financial dropped their price target on shares of AutoZone from $4,900.00 to $4,800.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, AutoZone currently has a consensus rating of “Moderate Buy” and an average target price of $4,398.31.

AutoZone Trading Down 2.0%

NYSE AZO opened at $3,425.96 on Wednesday. The business’s 50-day moving average price is $3,870.19 and its 200 day moving average price is $3,899.19. AutoZone has a twelve month low of $3,162.00 and a twelve month high of $4,388.11. The company has a market capitalization 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.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The company had revenue of $4.63 billion for 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 company’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $32.52 EPS. Equities analysts predict that AutoZone will post 152.94 EPS for the current year.

AutoZone announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $5,194,570.80. This trade represents a 69.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP K. Michelle Borninkhof sold 300 shares of the company’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the transaction, the senior vice president directly owned 416 shares in the company, valued at $1,570,400. The trade was a 41.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 5,693 shares of company stock valued at $23,259,891. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On AutoZone

A number of hedge funds have recently added to or reduced their stakes in AZO. Brighton Jones LLC boosted its holdings in AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after purchasing an additional 14 shares during the period. Public Sector Pension Investment Board raised its position in shares of AutoZone by 10.7% during the first quarter. Public Sector Pension Investment Board now owns 2,299 shares of the company’s stock valued at $8,766,000 after buying an additional 222 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its stake in shares of AutoZone by 5.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 7,052 shares of the company’s stock valued at $26,852,000 after buying an additional 345 shares during the period. National Pension Service grew its position in AutoZone by 5.1% during the first quarter. National Pension Service now owns 42,339 shares of the company’s stock worth $161,429,000 after buying an additional 2,065 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. increased its stake in AutoZone by 6.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 523 shares of the company’s stock valued at $1,994,000 after acquiring an additional 33 shares during the period. Institutional investors and hedge funds 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.