Zacks Investment Research upgraded shares of AutoZone, Inc. (NYSE:AZO) from a sell rating to a hold rating in a research report released on Tuesday morning.

According to Zacks, “AutoZone expects higher sales growth in fiscal 2017 compared to fiscal 2016. Also, the company’s strong cash flows help to aggressively repurchase shares. It has enough liquidity to repurchase shares without compromising on financial strength and therefore, the credit ratings. Moreover, the company uses its significant cash flow to open new stores every year. However, year to date, AutoZone has underperformed the industry it belongs to. The company expects its capital and operating expenses to rise over the next three years due to its plans to open 2–3 new distribution centers over this time frame. Currency headwinds also pose a challenge.”

Several other brokerages have also issued reports on AZO. Raymond James Financial, Inc. lowered shares of AutoZone from a strong-buy rating to a market perform rating in a research note on Tuesday, May 23rd. Oppenheimer Holdings, Inc. set a $900.00 price target on shares of AutoZone and gave the stock a buy rating in a research note on Tuesday, May 23rd. Royal Bank Of Canada decreased their price target on shares of AutoZone from $829.00 to $753.00 and set a sector perform rating for the company in a research note on Monday, May 22nd. Citigroup Inc. lowered shares of AutoZone from a strong-buy rating to a market perform rating in a research note on Tuesday, May 23rd. Finally, Morgan Stanley decreased their price target on shares of AutoZone from $825.00 to $680.00 and set an overweight rating for the company in a research note on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. AutoZone presently has an average rating of Hold and a consensus price target of $774.36.

Shares of AutoZone (AZO) opened at 538.77 on Tuesday. The company has a market cap of $15.10 billion, a PE ratio of 12.45 and a beta of 0.62. AutoZone has a one year low of $491.13 and a one year high of $813.70. The stock’s 50 day moving average price is $521.75 and its 200-day moving average price is $627.88.

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In related news, Director William Andrew Mckenna acquired 300 shares of the company’s stock in a transaction dated Thursday, July 13th. The stock was bought at an average cost of $507.00 per share, with a total value of $152,100.00. Following the acquisition, the director now owns 5,131 shares of the company’s stock, valued at approximately $2,601,417. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Earl G. Graves, Jr. sold 1,000 shares of AutoZone stock in a transaction 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 of the company’s stock, valued at $2,669,677.50. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Sentry Investment Management LLC increased its stake in AutoZone by 3.4% in the second quarter. Sentry Investment Management LLC now owns 2,273 shares of the company’s stock worth $1,297,000 after buying an additional 74 shares in the last quarter. WFG Advisors LP increased its stake in AutoZone by 46.3% in the second quarter. WFG Advisors LP now owns 540 shares of the company’s stock worth $308,000 after buying an additional 171 shares in the last quarter. Toronto Dominion Bank increased its stake in AutoZone by 52.5% in the second quarter. Toronto Dominion Bank now owns 12,747 shares of the company’s stock worth $7,273,000 after buying an additional 4,388 shares in the last quarter. Archford Capital Strategies LLC increased its stake in AutoZone by 42,875.0% in the second quarter. Archford Capital Strategies LLC now owns 12,033 shares of the company’s stock worth $603,000 after buying an additional 12,005 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in AutoZone by 1.1% in the second quarter. Cetera Investment Advisers now owns 730 shares of the company’s stock worth $417,000 after buying an additional 8 shares in the last quarter. 96.06% of the stock is owned by institutional investors.

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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