AutoZone, Inc. (NYSE:AZO) was downgraded by equities research analysts at Raymond James Financial, Inc. from a “strong-buy” rating to a “market perform” rating in a research note issued on Tuesday, May 23rd, MarketBeat reports.

Several other analysts also recently issued reports on AZO. BTIG Research restated a “buy” rating and issued a $900.00 price objective on shares of AutoZone in a research report on Tuesday, January 24th. Citigroup Inc. lowered AutoZone from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, May 23rd. Credit Suisse Group set a $812.00 target price on AutoZone and gave the company a “buy” rating in a research note on Wednesday, March 1st. Royal Bank of Canada dropped their target price on AutoZone from $829.00 to $753.00 and set a “sector perform” rating for the company in a research note on Monday, May 22nd. Finally, Zacks Investment Research lowered AutoZone from a “buy” rating to a “hold” rating in a research note on Thursday, February 9th. Twelve equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. AutoZone presently has a consensus rating of “Buy” and an average price target of $814.81.

Analyst Recommendations for AutoZone (NYSE:AZO)

Shares of AutoZone (NYSE AZO) traded down 3.13% during midday trading on Tuesday, reaching $593.81. 639,682 shares of the company traded hands. The stock has a 50 day moving average price of $646.14 and a 200 day moving average price of $720.64. The firm has a market capitalization of $16.72 billion, a PE ratio of 13.72 and a beta of 0.57. AutoZone has a 1-year low of $573.80 and a 1-year high of $819.54.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 23rd. The company reported $11.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $12.00 by $0.56. AutoZone had a net margin of 11.82% and a negative return on equity of 69.35%. The company had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter in the prior year, the company earned $10.77 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. Analysts expect that AutoZone will post $44.24 earnings per share for the current fiscal year.

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In other news, Director Earl G. Graves, Jr. sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $602.50, for a total transaction of $602,500.00. Following the sale, the director now directly owns 4,431 shares in the company, valued at approximately $2,669,677.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rodney C. Halsell sold 14,300 shares of the stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $724.54, for a total value of $10,360,922.00. Following the sale, the insider now owns 3,966 shares in the company, valued at $2,873,525.64. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Several hedge funds have recently made changes to their positions in AZO. Echo Street Capital Management LLC boosted its stake in shares of AutoZone by 362.1% in the third quarter. Echo Street Capital Management LLC now owns 11,817 shares of the company’s stock worth $9,079,000 after buying an additional 9,260 shares during the last quarter. Dynamic Capital Management Ltd boosted its stake in shares of AutoZone by 98.1% in the third quarter. Dynamic Capital Management Ltd now owns 4,287 shares of the company’s stock worth $3,294,000 after buying an additional 2,123 shares during the last quarter. Commonwealth Bank of Australia boosted its stake in shares of AutoZone by 27.6% in the third quarter. Commonwealth Bank of Australia now owns 162 shares of the company’s stock worth $125,000 after buying an additional 35 shares during the last quarter. Incline Global Management LLC boosted its stake in shares of AutoZone by 41.3% in the third quarter. Incline Global Management LLC now owns 51,452 shares of the company’s stock worth $39,533,000 after buying an additional 15,034 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of AutoZone by 1.1% in the third quarter. Morgan Stanley now owns 36,066 shares of the company’s stock worth $27,710,000 after buying an additional 386 shares during the last quarter. Institutional investors and hedge funds own 96.81% of the company’s stock.

AutoZone Company Profile

Autozone, Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company operates through the Auto Parts Locations segment. The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories. As of August 27, 2016, the Company operated through 5,814 locations in the United States, Puerto Rico, Mexico and Brazil.

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