AutoZone (NYSE:AZO) Price Target Cut to $3,000.00

AutoZone (NYSE:AZO) had its price target decreased by Wolfe Research from $3,150.00 to $3,000.00 in a report released on Wednesday morning, Benzinga reports. Wolfe Research currently has an outperform rating on the stock.

A number of other research firms have also issued reports on AZO. Barclays boosted their price target on shares of AutoZone from $2,779.00 to $3,100.00 and gave the company an overweight rating in a report on Thursday, February 29th. Citigroup cut their target price on shares of AutoZone from $3,505.00 to $3,420.00 and set a buy rating for the company in a research report on Tuesday, May 7th. Evercore ISI lowered their target price on AutoZone from $3,400.00 to $3,346.00 and set an outperform rating on the stock in a report on Tuesday, April 16th. JPMorgan Chase & Co. upped their price objective on shares of AutoZone from $3,000.00 to $3,200.00 and gave the company an overweight rating in a research report on Wednesday, February 28th. Finally, Truist Financial boosted their price target on shares of AutoZone from $3,363.00 to $3,523.00 and gave the company a buy rating in a report on Tuesday, April 2nd. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $3,066.53.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $2,792.90 on Wednesday. The business’s 50-day simple moving average is $3,009.41 and its 200 day simple moving average is $2,829.02. The company has a market cap of $48.37 billion, a P/E ratio of 19.67, a PEG ratio of 1.39 and a beta of 0.72. AutoZone has a one year low of $2,277.88 and a one year high of $3,256.37.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, May 21st. The company reported $36.69 earnings per share for the quarter, beating the consensus estimate of $35.67 by $1.02. AutoZone had a negative return on equity of 56.06% and a net margin of 14.70%. The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the company earned $34.12 earnings per share. AutoZone’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts predict that AutoZone will post 151.5 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Jenna M. Bedsole purchased 36 shares of the stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average cost of $2,757.10 per share, with a total value of $99,255.60. Following the completion of the acquisition, the vice president now owns 36 shares in the company, valued at approximately $99,255.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Philip B. Daniele sold 4,190 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $3,161.68, for a total value of $13,247,439.20. Following the completion of the sale, the chief executive officer now owns 900 shares of the company’s stock, valued at approximately $2,845,512. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jenna M. Bedsole acquired 36 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average price of $2,757.10 per share, for a total transaction of $99,255.60. Following the acquisition, the vice president now owns 36 shares of the company’s stock, valued at approximately $99,255.60. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 15,990 shares of company stock valued at $50,335,193. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On AutoZone

A number of large investors have recently made changes to their positions in the business. Plancorp LLC raised its position in shares of AutoZone by 3.0% in the 3rd quarter. Plancorp LLC now owns 136 shares of the company’s stock worth $345,000 after acquiring an additional 4 shares in the last quarter. Alcosta Capital Management Inc. raised its stake in AutoZone by 0.3% during the third quarter. Alcosta Capital Management Inc. now owns 1,255 shares of the company’s stock valued at $3,188,000 after buying an additional 4 shares during the last quarter. Hohimer Wealth Management LLC raised its position in shares of AutoZone by 1.1% in the 3rd quarter. Hohimer Wealth Management LLC now owns 361 shares of the company’s stock worth $917,000 after purchasing an additional 4 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in AutoZone by 3.8% in the fourth quarter. Summit Trail Advisors LLC now owns 110 shares of the company’s stock worth $283,000 after buying an additional 4 shares during the last quarter. Finally, Guardian Capital LP increased its holdings in shares of AutoZone by 1.3% in the 4th quarter. Guardian Capital LP now owns 301 shares of the company’s stock worth $778,000 after purchasing an additional 4 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

About AutoZone

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.