Evercore ISI Cuts AutoZone (NYSE:AZO) Price Target to $3,250.00

AutoZone (NYSE:AZO) had its target price trimmed by Evercore ISI from $3,300.00 to $3,250.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research firms have also recently weighed in on AZO. Wedbush reiterated an outperform rating and set a $3,400.00 price objective on shares of AutoZone in a research report on Wednesday, May 15th. JPMorgan Chase & Co. increased their price objective on shares of AutoZone from $3,000.00 to $3,200.00 and gave the stock an overweight rating in a research report on Wednesday, February 28th. Barclays increased their price objective on shares of AutoZone from $2,779.00 to $3,100.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Mizuho decreased their price objective on shares of AutoZone from $3,450.00 to $3,280.00 and set a buy rating for the company in a research report on Wednesday. Finally, Truist Financial increased their price objective on shares of AutoZone from $3,363.00 to $3,523.00 and gave the stock a buy rating in a research report on Tuesday, April 2nd. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $3,066.53.

AutoZone Stock Performance

Shares of NYSE AZO opened at $2,796.98 on Wednesday. AutoZone has a 52-week low of $2,277.88 and a 52-week high of $3,256.37. The firm has a 50 day moving average price of $3,009.41 and a two-hundred day moving average price of $2,827.75. The stock has a market cap of $48.44 billion, a P/E ratio of 19.69, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $35.67 by $1.02. AutoZone had a net margin of 14.70% and a negative return on equity of 56.06%. The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the prior year, the company posted $34.12 EPS. The company’s revenue was up 3.6% on a year-over-year basis. Analysts predict that AutoZone will post 152.27 earnings per share for the current fiscal year.

Insider Buying and Selling at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $2,997.76, for a total value of $8,993,280.00. Following the transaction, the vice president now directly owns 2,921 shares of the company’s stock, valued at $8,756,456.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Richard Craig Smith sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $2,997.76, for a total transaction of $8,993,280.00. Following the transaction, the vice president now directly owns 2,921 shares of the company’s stock, valued at $8,756,456.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman William C. Rhodes III sold 6,700 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total transaction of $21,374,474.00. Following the transaction, the chairman now directly owns 15,357 shares in the company, valued at $48,992,208.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,990 shares of company stock valued at $50,335,193. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AZO. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in AutoZone by 70.3% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 201 shares of the company’s stock worth $511,000 after buying an additional 83 shares during the last quarter. Larson Financial Group LLC increased its holdings in AutoZone by 471.4% during the third quarter. Larson Financial Group LLC now owns 40 shares of the company’s stock worth $102,000 after buying an additional 33 shares during the last quarter. ORG Partners LLC purchased a new stake in AutoZone during the third quarter worth about $43,000. Nomura Asset Management Co. Ltd. increased its holdings in AutoZone by 17.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 7,329 shares of the company’s stock worth $18,616,000 after buying an additional 1,066 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in AutoZone by 6.4% during the third quarter. Signaturefd LLC now owns 413 shares of the company’s stock worth $1,049,000 after buying an additional 25 shares during the last quarter. 92.74% of the stock is owned by 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.