Shares of AutoZone Inc. (NYSE:AZO) dropped 2% during trading on Friday . The stock traded as low as $755.00 and last traded at $757.49, with a volume of 225,750 shares. The stock had previously closed at $773.05.

AZO has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $880.00 price target on the stock in a research note on Thursday, May 5th. BTIG Research initiated coverage on shares of AutoZone in a research note on Wednesday, June 1st. They issued a “buy” rating and a $900.00 price target on the stock. Morgan Stanley set a $820.00 target price on shares of AutoZone and gave the company a “hold” rating in a research report on Thursday, August 11th. Credit Suisse Group AG restated a “buy” rating on shares of AutoZone in a research report on Thursday, May 26th. Finally, Jefferies Group initiated coverage on shares of AutoZone in a research report on Thursday, May 26th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $843.52.

The stock’s 50-day moving average price is $798.48 and its 200-day moving average price is $778.67. The firm has a market cap of $22.03 billion and a PE ratio of 19.14.

In other AutoZone news, insider Thomas B. Newbern sold 16,870 shares of AutoZone stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $799.82, for a total transaction of $13,492,963.40. Following the transaction, the insider now directly owns 15,977 shares of the company’s stock, valued at $12,778,724.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Earl G. Graves, Jr. sold 1,000 shares of AutoZone stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $795.24, for a total transaction of $795,240.00. Following the transaction, the director now directly owns 4,127 shares in the company, valued at $3,281,955.48. The disclosure for this sale can be found here.

A hedge fund recently raised its stake in AutoZone stock. I.G. Investment Management LTD. boosted its position in AutoZone Inc. (NYSE:AZO) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,100 shares of the company’s stock after buying an additional 257 shares during the period. I.G. Investment Management LTD.’s holdings in AutoZone were worth $8,977,000 at the end of the most recent reporting period.

AutoZone, Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company’s operating segments include Auto Parts Locations and Other. The Auto Parts Locations segment comprises Domestic Auto Parts, Mexico, Brazil and Interamerican Motor Corporation (IMC).

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