AutoZone (NYSE:AZO) PT Lowered to $2,340.00

AutoZone (NYSE:AZO – Get Rating) had its price objective reduced by equities research analysts at DA Davidson from $2,425.00 to $2,340.00 in a research report issued to clients and investors on Wednesday, The Fly reports. DA Davidson’s price target points to a potential downside of 4.87% from the stock’s current price. DA Davidson also issued estimates for AutoZone’s Q4 2023 earnings at $43.48 EPS.

A number of other research firms have also weighed in on AZO. The Goldman Sachs Group decreased their price target on AutoZone from $2,899.00 to $2,840.00 in a research report on Tuesday. 51job reissued a “maintains” rating on shares of AutoZone in a research note on Thursday, May 11th. Morgan Stanley raised their target price on AutoZone from $2,725.00 to $2,800.00 and gave the company an “overweight” rating in a report on Wednesday, March 1st. StockNews.com began coverage on AutoZone in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company lifted their price objective on AutoZone from $2,850.00 to $3,000.00 in a report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2,683.56.

AutoZone Stock Performance

NYSE:AZO opened at $2,459.75 on Wednesday. The business has a fifty day moving average of $2,575.67 and a 200-day moving average of $2,499.14. AutoZone has a 1 year low of $1,959.58 and a 1 year high of $2,750.00. The stock has a market cap of $45.25 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 1.68 and a beta of 0.68.

AutoZone (NYSE:AZO – Get Rating) last announced its earnings results on Tuesday, May 23rd. The company reported $34.12 earnings per share for the quarter, beating the consensus estimate of $30.84 by $3.28. AutoZone had a negative return on equity of 64.72% and a net margin of 14.32%. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter last year, the business posted $29.03 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities research analysts predict that AutoZone will post 128.32 EPS for the current year.

Insider Buying and Selling at AutoZone

In other news, CEO William C. Rhodes III sold 29,511 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $2,427.27, for a total transaction of $71,631,164.97. Following the completion of the sale, the chief executive officer now owns 14,825 shares in the company, valued at $35,984,277.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Grant E. Mcgee sold 1,575 shares of AutoZone stock in a transaction on Monday, March 6th. The stock was sold at an average price of $2,511.63, for a total transaction of $3,955,817.25. Following the completion of the sale, the vice president now directly owns 246 shares of the company’s stock, valued at $617,860.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William C. Rhodes III sold 29,511 shares of AutoZone stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $2,427.27, for a total value of $71,631,164.97. Following the sale, the chief executive officer now directly owns 14,825 shares of the company’s stock, valued at $35,984,277.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,960 shares of company stock worth $90,128,092. 2.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AutoZone

A number of institutional investors have recently made changes to their positions in the stock. Robbins Farley acquired a new position in AutoZone in the third quarter valued at about $26,000. AdvisorNet Financial Inc grew its stake in AutoZone by 83.3% in the fourth quarter. AdvisorNet Financial Inc now owns 11 shares of the company’s stock valued at $27,000 after acquiring an additional 5 shares during the period. RFP Financial Group LLC acquired a new position in AutoZone in the fourth quarter valued at about $27,000. Ameritas Advisory Services LLC acquired a new position in AutoZone in the first quarter valued at about $27,000. Finally, Legacy Bridge LLC acquired a new position in AutoZone in the fourth quarter valued at about $32,000. 91.12% of the stock is owned by institutional investors and hedge funds.

About AutoZone

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AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells, and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.