AutoZone (NYSE:AZO) Reaches New 12-Month Low – Time to Sell?

AutoZone, Inc. (NYSE:AZO)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $2,899.88 and last traded at $2,912.1630, with a volume of 17954 shares traded. The stock had previously closed at $2,951.61.

Analyst Ratings Changes

Several research analysts have commented on the stock. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. Robert W. Baird lowered their price target on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Guggenheim cut their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. The Goldman Sachs Group dropped their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. lowered their target price on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3,957.38.

AutoZone Price Performance

The firm has a fifty day moving average of $3,016.50 and a 200 day moving average of $3,253.93. The stock has a market capitalization of $47.00 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 1.46 and a beta of 0.34.

AutoZone announced that its board has approved a share buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the 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 transaction, the vice president directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

Several large investors have recently bought and sold shares of the business. Turning Point Benefit Group Inc. acquired a new stake in AutoZone during the 3rd quarter worth approximately $25,000. Transamerica Financial Advisors LLC boosted its stake in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after buying an additional 4 shares in the last quarter. MCF Advisors LLC grew its holdings in shares of AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after acquiring an additional 3 shares during the period. Bard Associates Inc. purchased a new stake in AutoZone in the 4th quarter valued at approximately $31,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new stake in AutoZone in the 2nd quarter worth approximately $29,000. Hedge funds and other 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.