AutoZone (NYSE:AZO) Given New $4,400.00 Price Target at Evercore ISI

AutoZone (NYSE:AZO) had its target price cut by Evercore ISI from $4,500.00 to $4,400.00 in a report issued on Tuesday,MarketScreener reports. They currently have an outperform rating on the stock.

A number of other equities analysts also recently commented on AZO. UBS Group reduced their price objective on AutoZone from $4,925.00 to $4,800.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Truist Financial lowered their price target on shares of AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Citigroup cut their price objective on shares of AutoZone from $4,900.00 to $4,775.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. BMO Capital Markets lifted their target price on shares of AutoZone from $4,100.00 to $4,600.00 and gave the stock an “outperform” rating in a research note on Thursday, September 25th. Finally, Gabelli reissued a “buy” rating on shares of AutoZone in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,547.56.

AutoZone Stock Performance

Shares of AZO stock opened at $3,807.10 on Tuesday. The stock’s fifty day moving average is $3,993.94 and its two-hundred day moving average is $3,892.71. The firm has a market capitalization of $63.32 billion, a P/E ratio of 26.28, a PEG ratio of 1.75 and a beta of 0.37. AutoZone has a fifty-two week low of $3,036.40 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). The business had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $51.58 EPS. On average, equities analysts forecast that AutoZone will post 152.94 earnings per share for the current year.

AutoZone announced that its board has initiated a share repurchase plan on Wednesday, October 8th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at AutoZone

In related news, SVP K. Michelle Borninkhof sold 300 shares of the stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total transaction 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. This trade represents a 41.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the sale, the chief executive officer owned 55 shares of the company’s stock, valued at $221,148.40. This trade represents a 97.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 5,693 shares of company stock worth $23,259,891. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AutoZone

Several hedge funds have recently bought and sold shares of AZO. Raleigh Capital Management Inc. acquired a new stake in shares of AutoZone during the third quarter worth about $26,000. Turning Point Benefit Group Inc. purchased a new stake in AutoZone during the 3rd quarter worth approximately $25,000. AlphaCore Capital LLC acquired a new stake in AutoZone during the 1st quarter worth approximately $27,000. Saudi Central Bank acquired a new stake in AutoZone during the 1st quarter worth approximately $27,000. Finally, Global Trust Asset Management LLC boosted its position in AutoZone by 600.0% in the 3rd 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 period. 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.