AutoZone (NYSE:AZO) Price Target Lowered to $3,394.00 at Truist Financial

AutoZone (NYSE:AZO) had its price objective decreased by Truist Financial from $3,523.00 to $3,394.00 in a research note released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other brokerages also recently commented on AZO. Morgan Stanley lowered their price target on shares of AutoZone from $3,100.00 to $3,038.00 and set an overweight rating for the company in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on AutoZone from $3,000.00 to $3,200.00 and gave the stock an overweight rating in a report on Wednesday, February 28th. Wedbush reissued an outperform rating and set a $3,400.00 target price on shares of AutoZone in a research report on Wednesday, May 15th. Mizuho lowered their price target on AutoZone from $3,450.00 to $3,280.00 and set a buy rating for the company in a research report on Wednesday. Finally, UBS Group boosted their price objective on shares of AutoZone from $3,100.00 to $3,425.00 and gave the company a buy rating in a research report on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AutoZone currently has a consensus rating of Moderate Buy and an average price target of $3,066.53.

AutoZone Price Performance

Shares of 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. AutoZone has a 1 year low of $2,277.88 and a 1 year high of $3,256.37. The stock has a market capitalization of $48.37 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72.

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

Insider Buying and Selling

In other AutoZone news, CEO Philip B. Daniele sold 4,190 shares of AutoZone stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $3,161.68, for a total transaction of $13,247,439.20. Following the completion of the sale, the chief executive officer now directly owns 900 shares of the company’s stock, valued at approximately $2,845,512. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other AutoZone news, CEO Philip B. Daniele sold 4,190 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $3,161.68, for a total transaction of $13,247,439.20. Following the transaction, the chief executive officer now owns 900 shares of the company’s stock, valued at approximately $2,845,512. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the business’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 completion of the sale, the vice president now owns 2,921 shares of the company’s stock, valued at approximately $8,756,456.96. The disclosure for this sale can be found here. Insiders have sold a total of 15,990 shares of company stock valued at $50,335,193 over the last quarter. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of AutoZone

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cetera Advisors LLC raised its position in shares of AutoZone by 9.8% in the 1st quarter. Cetera Advisors LLC now owns 2,201 shares of the company’s stock worth $6,937,000 after acquiring an additional 196 shares in the last quarter. Cetera Investment Advisers grew its stake in AutoZone by 311.3% in the first quarter. Cetera Investment Advisers now owns 5,803 shares of the company’s stock valued at $18,289,000 after purchasing an additional 4,392 shares during the last quarter. Atria Investments Inc raised its holdings in AutoZone by 6.2% in the first quarter. Atria Investments Inc now owns 2,347 shares of the company’s stock worth $7,397,000 after purchasing an additional 136 shares in the last quarter. Swedbank AB purchased a new stake in shares of AutoZone during the first quarter valued at about $49,339,000. Finally, Sanibel Captiva Trust Company Inc. lifted its position in shares of AutoZone by 2.2% during the first quarter. Sanibel Captiva Trust Company Inc. now owns 3,566 shares of the company’s stock valued at $11,239,000 after buying an additional 76 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

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.