Citigroup Lowers AutoZone (NYSE:AZO) Price Target to $3,420.00

AutoZone (NYSE:AZO) had its target price cut by equities researchers at Citigroup from $3,505.00 to $3,420.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 15.44% from the stock’s previous close.

Several other equities research analysts have also recently commented on AZO. StockNews.com cut shares of AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. lifted their price objective on shares of AutoZone from $3,000.00 to $3,200.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 28th. Truist Financial lifted their price objective on shares of AutoZone from $3,363.00 to $3,523.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. UBS Group lifted their price objective on shares of AutoZone from $3,100.00 to $3,425.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Finally, DA Davidson lifted their price objective on shares of AutoZone from $2,770.00 to $3,025.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $3,108.83.

AutoZone Price Performance

Shares of NYSE:AZO opened at $2,962.52 on Tuesday. AutoZone has a one year low of $2,277.88 and a one year high of $3,256.37. The company has a 50 day moving average of $3,056.63 and a 200-day moving average of $2,795.11. The stock has a market cap of $51.31 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 1.46 and a beta of 0.72.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $28.89 EPS for the quarter, topping the consensus estimate of $26.08 by $2.81. AutoZone had a net margin of 14.70% and a negative return on equity of 56.06%. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $4.32 billion. During the same quarter in the previous year, the company earned $24.64 EPS. AutoZone’s revenue was up 4.6% on a year-over-year basis. Equities research analysts anticipate that AutoZone will post 152.4 earnings per share for the current year.

Insider Transactions at AutoZone

In related news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $2,997.76, for a total value of $8,993,280.00. Following the sale, the vice president now owns 2,921 shares of the company’s stock, valued at $8,756,456.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Chairman William C. Rhodes III sold 6,700 shares of AutoZone stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total value of $21,374,474.00. Following the completion of the transaction, the chairman now owns 15,357 shares of the company’s stock, valued at approximately $48,992,208.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $2,997.76, for a total transaction of $8,993,280.00. Following the completion of the sale, the vice president now directly owns 2,921 shares in the company, valued at $8,756,456.96. The disclosure for this sale can be found here. Insiders sold a total of 15,990 shares of company stock worth $50,335,193 in the last three months. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Institutional investors have recently bought and sold shares of the business. Rock Creek Group LP acquired a new position in shares of AutoZone during the 3rd quarter worth approximately $25,000. Rise Advisors LLC acquired a new position in shares of AutoZone in the first quarter valued at $32,000. Riverview Trust Co bought a new position in shares of AutoZone in the first quarter valued at about $41,000. ORG Partners LLC acquired a new stake in shares of AutoZone during the 3rd quarter worth about $43,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of AutoZone during the 3rd quarter worth about $51,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.