AutoZone (NYSE:AZO) Hits New 1-Year Low – Should You Sell?

AutoZone, Inc. (NYSE:AZO)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $2,860.13 and last traded at $2,866.0370, with a volume of 146417 shares. The stock had previously closed at $2,965.52.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AZO shares. DA Davidson dropped their price objective on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Piper Sandler set a $3,500.00 price target on shares of AutoZone in a report on Monday, August 31st. Barclays dropped their price objective on AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Jefferies Financial Group cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, Wells Fargo & Company lowered their price objective on AutoZone from $4,150.00 to $3,500.00 and set an “overweight” rating for the company in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, AutoZone currently has an average rating of “Moderate Buy” and a consensus price target of $3,946.96.

AutoZone Stock Performance

The stock has a 50 day moving average price of $3,011.00 and a 200 day moving average price of $3,241.45. The company has a market capitalization of $46.70 billion, a P/E ratio of 19.65, a PEG ratio of 1.44 and a beta of 0.34.

AutoZone announced that its Board of Directors has authorized a stock repurchase program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of AutoZone in the 2nd quarter worth $3,938,566,000. Norges Bank purchased a new position in shares of AutoZone in the fourth quarter worth about $939,205,000. First Manhattan CO. LLC. increased its stake in shares of AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after buying an additional 6,765 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of AutoZone in the second quarter valued at about $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in AutoZone by 11,577.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company’s stock valued at $450,838,000 after purchasing an additional 139,858 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.