AutoZone (NYSE:AZO) Given New $4,500.00 Price Target at DA Davidson

AutoZone (NYSE:AZO) had its price target reduced by DA Davidson from $4,850.00 to $4,500.00 in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has a “buy” rating on the stock. DA Davidson’s target price suggests a potential upside of 31.77% from the stock’s current price.

Several other equities research analysts have also commented on AZO. Jefferies Financial Group lifted their price target on shares of AutoZone from $4,255.00 to $4,750.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Evercore ISI reiterated an “outperform” rating and set a $4,100.00 target price on shares of AutoZone in a research report on Wednesday. Truist Financial decreased their target price on AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating for the company in a research report on Wednesday. Roth Capital restated a “buy” rating and set a $4,650.00 price target on shares of AutoZone in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price target on AutoZone from $4,200.00 to $4,850.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,411.77.

AutoZone Price Performance

Shares of AZO traded down $81.80 during mid-day trading on Wednesday, reaching $3,414.97. The company’s stock had a trading volume of 74,913 shares, compared to its average volume of 130,506. AutoZone has a 12-month low of $3,162.00 and a 12-month high of $4,388.11. The stock has a market cap of $56.80 billion, a PE ratio of 23.57, a price-to-earnings-growth ratio of 1.80 and a beta of 0.40. The company’s 50 day moving average is $3,886.57 and its 200 day moving average is $3,902.52.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same period last year, the company earned $32.52 earnings per share. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that AutoZone will post 152.94 EPS for the current fiscal year.

AutoZone announced that its board has approved a share repurchase program on Wednesday, October 8th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at AutoZone

In related news, SVP K. Michelle Borninkhof sold 300 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the transaction, the senior vice president owned 416 shares of the company’s stock, valued at approximately $1,570,400. The trade was a 41.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the sale, the vice president directly owned 1,244 shares in the company, valued at $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 5,693 shares of company stock valued at $23,259,891 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

A number of hedge funds have recently bought and sold shares of the company. Raleigh Capital Management Inc. bought a new stake in shares of AutoZone in the 3rd quarter worth about $26,000. Turning Point Benefit Group Inc. acquired a new position in AutoZone in the third quarter worth about $25,000. Saudi Central Bank acquired a new position in AutoZone in the first quarter worth about $27,000. Global Trust Asset Management LLC increased its holdings in AutoZone by 600.0% in the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after buying an additional 6 shares during the last quarter. Finally, Aspect Partners LLC lifted its holdings in AutoZone by 700.0% during the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after buying an additional 7 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

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.