AutoZone (NYSE:AZO) Stock Price Target Lowered at JPMorgan Chase & Co.

AutoZone (NYSE:AZO) had its target price cut by JPMorgan Chase & Co. from $3,850.00 to $3,700.00 in a report published on Monday, Marketbeat Ratings reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently weighed in on AZO. TD Cowen reduced their price target on shares of AutoZone from $3,500.00 to $3,400.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. Citigroup decreased their price objective on shares of AutoZone from $3,700.00 to $3,450.00 and set a “buy” rating for the company in a research note on Monday, September 14th. Mizuho dropped their price objective on shares of AutoZone from $3,200.00 to $3,000.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. DA Davidson cut their target price on shares of AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. Finally, The Goldman Sachs Group reduced their target price on shares of AutoZone from $4,096.00 to $3,917.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,710.88.

AutoZone Price Performance

AutoZone stock opened at $2,917.83 on Monday. The company has a market cap of $47.65 billion, a price-to-earnings ratio of 19.10, a price-to-earnings-growth ratio of 1.32 and a beta of 0.34. AutoZone has a 12 month low of $2,764.88 and a 12 month high of $4,332.68. The stock’s 50-day moving average is $2,975.47 and its 200-day moving average is $3,181.83.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.The business had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.70 billion. During the same quarter in the previous year, the business earned $48.71 EPS. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts anticipate that AutoZone will post 172.97 EPS for the current year.

AutoZone declared that its board has approved a stock repurchase program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares buyback programs are often a sign 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 stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AZO. BlackRock Inc. bought a new position in AutoZone during the 2nd quarter worth $3,938,566,000. First Manhattan CO. LLC. lifted its stake in AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after buying an additional 6,765 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in AutoZone by 247,417.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock valued at $798,963,000 after buying an additional 249,892 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of AutoZone during the second quarter valued at $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of AutoZone by 11,577.6% during the second 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 acquiring an additional 139,858 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

About AutoZone

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.