AutoZone (NYSE:AZO) Stock Price Target Cut by JPMorgan Chase & Co.

AutoZone (NYSE:AZO) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $3,850.00 to $3,700.00 in a note issued to investors on Monday, Marketbeat Ratings reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 28.75% from the company’s current price.

A number of other equities research analysts have also recently commented on AZO. BMO Capital Markets lowered their price target on shares of AutoZone from $4,000.00 to $3,500.00 and set an “outperform” rating on the stock in a report on Wednesday, September 23rd. Roth Capital reduced their price objective on AutoZone from $4,023.00 to $3,850.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. Oppenheimer set a $3,400.00 target price on AutoZone in a research report on Wednesday, September 23rd. Wells Fargo & Company lowered their target price on AutoZone from $4,150.00 to $3,500.00 and set an “overweight” rating on the stock in a research note on Thursday, September 10th. Finally, UBS Group set a $3,850.00 price target on AutoZone in a research report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3,710.36.

AutoZone Stock Performance

NYSE AZO opened at $2,873.80 on Monday. The company has a market capitalization of $46.93 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 1.34 and a beta of 0.34. AutoZone has a 52-week low of $2,764.88 and a 52-week high of $4,332.68. The company has a 50-day simple moving average of $2,972.76 and a 200 day simple moving average of $3,175.91.

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

AutoZone declared that its board has approved a stock buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone 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 transaction, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Several institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. boosted its holdings in shares of AutoZone by 26,077.9% in the second quarter. QRG Capital Management Inc. now owns 49,738 shares of the company’s stock worth $158,960,000 after acquiring an additional 49,548 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of AutoZone by 247,417.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock valued at $798,963,000 after purchasing an additional 249,892 shares during the period. Cherry Tree Wealth Management LLC raised its stake in shares of AutoZone by 47,900.0% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 1,920 shares of the company’s stock valued at $6,136,000 after purchasing an additional 1,916 shares during the period. SkyView Investment Advisors LLC lifted its holdings in AutoZone by 11.1% during the 2nd quarter. SkyView Investment Advisors LLC now owns 100 shares of the company’s stock worth $320,000 after purchasing an additional 10 shares in the last quarter. Finally, Tidal Investments LLC lifted its holdings in AutoZone by 29.6% during the 2nd quarter. Tidal Investments LLC now owns 7,922 shares of the company’s stock worth $25,318,000 after purchasing an additional 1,809 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

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