Mizuho Issues Pessimistic Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO) had its price objective reduced by Mizuho from $4,050.00 to $3,850.00 in a research report issued on Wednesday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 13.36% from the company’s current price.

Other analysts have also issued reports about the stock. Jefferies Financial Group lifted their target price on shares of AutoZone from $4,255.00 to $4,750.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. UBS Group set a $4,325.00 price objective on shares of AutoZone in a report on Wednesday. BMO Capital Markets lowered their target price on AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating for the company in a research note on Wednesday. Raymond James Financial lowered their price target on shares of AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating for the company in a report on Wednesday. Finally, Robert W. Baird started coverage on AutoZone in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $4,500.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and a consensus target price of $4,429.08.

AutoZone Trading Down 2.9%

Shares of NYSE:AZO opened at $3,396.32 on Wednesday. The firm has a market capitalization of $56.49 billion, a PE ratio of 23.50, a PEG ratio of 1.80 and a beta of 0.40. AutoZone has a 1-year low of $3,162.00 and a 1-year high of $4,388.11. The business’s 50 day moving average is $3,886.57 and its 200-day moving average is $3,902.52.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, December 9th. The company reported $31.04 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 firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same quarter in the previous year, the company posted $32.52 earnings per share. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, sell-side analysts predict that AutoZone will post 152.94 EPS for the current year.

AutoZone declared that its board has authorized a stock buyback program on Wednesday, October 8th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, SVP K. Michelle Borninkhof sold 300 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the sale, the senior vice president owned 416 shares of the company’s stock, valued at $1,570,400. This trade represents a 41.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John Scott Murphy sold 2,860 shares of the business’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the transaction, the vice president owned 1,244 shares of the company’s stock, 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 worth $23,259,891 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AutoZone

Hedge funds and other institutional investors have recently bought and sold shares of the company. Laurel Wealth Advisors LLC grew its stake in shares of AutoZone by 371,123.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after acquiring an additional 935,230 shares in the last quarter. Norges Bank acquired a new stake in AutoZone in the 2nd quarter valued at $981,202,000. Livforsakringsbolaget Skandia Omsesidigt lifted its position in AutoZone by 7,358.8% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company’s stock worth $902,929,000 after buying an additional 239,970 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in shares of AutoZone by 277.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock worth $440,037,000 after buying an additional 75,382 shares during the last quarter. Finally, Evelyn Partners Investment Management Services Ltd grew its holdings in shares of AutoZone by 1,185.5% in the 2nd quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company’s stock valued at $240,126,000 after acquiring an additional 59,653 shares in 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.