Citigroup Lowers AutoZone (NYSE:AZO) Price Target to $3,250.00

AutoZone (NYSE:AZOGet Free Report) had its price target cut by analysts at Citigroup from $3,420.00 to $3,250.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 17.01% from the company’s previous close.

AZO has been the subject of several other research reports. Morgan Stanley reduced their price objective on shares of AutoZone from $3,100.00 to $3,038.00 and set an “overweight” rating for the company in a research report on Wednesday. Wedbush reduced their target price on shares of AutoZone from $3,400.00 to $3,200.00 and set an “outperform” rating for the company in a report on Wednesday. Evercore ISI dropped their price target on AutoZone from $3,300.00 to $3,250.00 and set an “outperform” rating on the stock in a report on Wednesday. Truist Financial cut their price objective on AutoZone from $3,523.00 to $3,394.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, DA Davidson lifted their target price on AutoZone from $2,770.00 to $3,025.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $3,066.53.

Read Our Latest Stock Report on AZO

AutoZone Price Performance

AZO opened at $2,777.54 on Wednesday. AutoZone has a 1-year low of $2,277.88 and a 1-year high of $3,256.37. The company has a market capitalization of $48.11 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.40 and a beta of 0.72. The business has a 50 day moving average price of $3,015.95 and a two-hundred day moving average price of $2,826.45.

AutoZone (NYSE:AZOGet Free Report) last announced its quarterly earnings data on Tuesday, May 21st. The company reported $36.69 earnings per share for the quarter, beating the consensus estimate of $35.67 by $1.02. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.29 billion. AutoZone had a negative return on equity of 56.06% and a net margin of 14.70%. The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $34.12 earnings per share. Equities analysts expect that AutoZone will post 152.27 EPS for the current fiscal year.

Insider Activity at AutoZone

In other AutoZone news, CEO Philip B. Daniele sold 4,190 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $3,161.68, for a total value of $13,247,439.20. Following the transaction, the chief executive officer now directly owns 900 shares of the company’s stock, valued at approximately $2,845,512. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other AutoZone news, CEO Philip B. Daniele sold 4,190 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $3,161.68, for a total transaction of $13,247,439.20. Following the transaction, the chief executive officer now directly owns 900 shares in the company, valued at $2,845,512. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Eric S. Gould sold 2,100 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $3,200.00, for a total value of $6,720,000.00. Following the transaction, the vice president now directly owns 910 shares in the company, valued at approximately $2,912,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,990 shares of company stock valued at $50,335,193. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of AutoZone

Institutional investors and hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC raised its holdings in AutoZone by 232,194.6% in the 4th quarter. International Assets Investment Management LLC now owns 731,728 shares of the company’s stock worth $1,891,963,000 after acquiring an additional 731,413 shares during the period. Norges Bank bought a new stake in AutoZone during the fourth quarter valued at about $678,350,000. Wellington Management Group LLP grew its position in shares of AutoZone by 111.4% in the third quarter. Wellington Management Group LLP now owns 335,190 shares of the company’s stock valued at $851,379,000 after purchasing an additional 176,623 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of AutoZone by 564.2% in the first quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock worth $479,338,000 after purchasing an additional 129,193 shares during the period. Finally, Ontario Teachers Pension Plan Board grew its holdings in AutoZone by 341.5% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 159,285 shares of the company’s stock valued at $404,582,000 after buying an additional 123,208 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for AutoZone (NYSE:AZO)

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