AutoZone (NYSE:AZO) Price Target Cut to $3,817.00 by Analysts at Truist Financial

AutoZone (NYSE:AZO) had its price objective cut by Truist Financial from $4,045.00 to $3,817.00 in a research note published on Tuesday morning,MarketScreener reports. They currently have a buy rating on the stock.

AZO has been the subject of a number of other research reports. UBS Group set a $4,800.00 price objective on AutoZone in a research report on Tuesday, March 3rd. Guggenheim decreased their price target on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday. Morgan Stanley set a $3,605.00 price target on AutoZone in a report on Wednesday. The Goldman Sachs Group cut their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Evercore reissued an “outperform” rating on shares of AutoZone in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $4,099.83.

AutoZone Stock Performance

NYSE AZO traded down $52.97 during mid-day trading on Tuesday, reaching $3,047.14. 31,793 shares of the stock were exchanged, compared to its average volume of 191,596. AutoZone has a 1-year low of $3,001.00 and a 1-year high of $4,388.11. The business’s fifty day simple moving average is $3,448.20 and its 200 day simple moving average is $3,579.65. The stock has a market capitalization of $50.21 billion, a PE ratio of 21.35, a PEG ratio of 1.74 and a beta of 0.43.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the firm posted $35.36 EPS. AutoZone’s revenue was up 8.4% on a year-over-year basis. On average, analysts anticipate that AutoZone will post 149.16 EPS for the current year.

Insider Buying and Selling at AutoZone

In other news, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares of the company’s stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AZO. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of AutoZone by 6.6% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock valued at $21,315,000 after acquiring an additional 306 shares during the period. Summit Global Investments lifted its holdings in shares of AutoZone by 132.8% during the 3rd quarter. Summit Global Investments now owns 319 shares of the company’s stock valued at $1,369,000 after acquiring an additional 182 shares in the last quarter. Numerai GP LLC boosted its position in AutoZone by 1,199.3% during the 3rd quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock worth $7,525,000 after purchasing an additional 1,619 shares during the period. Foundations Investment Advisors LLC purchased a new stake in AutoZone during the 3rd quarter worth $678,000. Finally, Caprock Group LLC purchased a new position in AutoZone in the third quarter valued at about $4,049,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Key AutoZone News

Here are the key news stories impacting AutoZone this week:

• Positive Sentiment: AutoZone reported fiscal Q3 EPS of $38.07, ahead of consensus estimates, and revenue rose 8.4% year over year to $4.84 billion, with same-store sales up 3.9% companywide and 4.1% domestically. Article Title
• Positive Sentiment: Domestic growth and commercial expansion remained strong, and management said the repair business stayed resilient even as consumers cut back elsewhere. Article Title
• Neutral Sentiment: AutoZone announced a partnership with Google Cloud, which could support longer-term operational and digital initiatives, but it was not the main driver of the stock move. Article Title
• Neutral Sentiment: Several analysts cut price targets after the report, including BMO Capital Markets to $4,000 and Robert W. Baird to $3,600, signaling some caution but still implying upside from recent levels. Article Title
• Negative Sentiment: The stock fell sharply after the company missed revenue expectations, and multiple reports pointed to margin pressure, including a non-cash LIFO impact, as well as softer international results. Article Title

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do?it?yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.