AutoZone (NYSE:AZO) PT Lowered to $3,038.00

AutoZone (NYSE:AZO) had its price objective cut by equities researchers at Morgan Stanley from $3,100.00 to $3,038.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 7.44% from the company’s previous close.

Several other equities research analysts have also commented on the stock. DA Davidson boosted their price objective on shares of AutoZone from $2,770.00 to $3,025.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. JPMorgan Chase & Co. upped their price target on AutoZone from $3,000.00 to $3,200.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 28th. UBS Group lifted their price objective on AutoZone from $3,100.00 to $3,425.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Barclays increased their target price on AutoZone from $2,779.00 to $3,100.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Finally, Truist Financial lifted their price target on 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 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $3,095.94.

AutoZone Price Performance

Shares of AZO opened at $2,827.65 on Wednesday. AutoZone has a one year low of $2,277.88 and a one year high of $3,256.37. The company has a 50-day simple moving average of $3,029.12 and a two-hundred day simple moving average of $2,827.17. The firm has a market capitalization of $48.97 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 1.45 and a beta of 0.72.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share for the quarter, topping the consensus estimate of $35.67 by $1.02. The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.29 billion. AutoZone had a negative return on equity of 56.06% and a net margin of 14.70%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $34.12 earnings per share. Analysts expect that AutoZone will post 152.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other AutoZone news, Chairman William C. Rhodes III sold 6,700 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total value of $21,374,474.00. Following the sale, the chairman now owns 15,357 shares in the company, valued at approximately $48,992,208.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AutoZone news, CEO Philip B. Daniele sold 4,190 shares of AutoZone 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 transaction, 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 Securities & Exchange Commission, which is accessible through this link. Also, Chairman William C. Rhodes III sold 6,700 shares of the company’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 sale, the chairman now owns 15,357 shares in the company, valued at $48,992,208.54. The disclosure for this sale can be found here. Insiders sold 15,990 shares of company stock worth $50,335,193 in the last three months. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On AutoZone

Several institutional investors have recently modified their holdings of the stock. Atria Investments Inc raised its holdings in AutoZone by 6.2% during the 1st quarter. Atria Investments Inc now owns 2,347 shares of the company’s stock valued at $7,397,000 after buying an additional 136 shares during the period. Swedbank AB purchased a new stake in shares of AutoZone in the first quarter valued at $49,339,000. Sanibel Captiva Trust Company Inc. lifted its holdings in shares of AutoZone by 2.2% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 3,566 shares of the company’s stock worth $11,239,000 after acquiring an additional 76 shares during the last quarter. Delphi Management Inc. MA boosted its stake in shares of AutoZone by 9.0% during the 1st quarter. Delphi Management Inc. MA now owns 412 shares of the company’s stock worth $1,298,000 after purchasing an additional 34 shares during the period. Finally, Virtu Financial LLC bought a new position in AutoZone during the 1st quarter valued at about $4,355,000. 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.