Truist Financial Lowers AutoZone (NYSE:AZO) Price Target to $3,394.00

AutoZone (NYSE:AZOGet Free Report) had its target price reduced by equities researchers at Truist Financial from $3,523.00 to $3,394.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 22.19% from the company’s previous close.

AZO has been the topic of a number of other research reports. Wedbush reiterated an “outperform” rating and set a $3,400.00 price objective on shares of AutoZone in a research note on Wednesday, May 15th. UBS Group boosted their price objective on AutoZone from $3,100.00 to $3,425.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Citigroup decreased their target price on AutoZone from $3,505.00 to $3,420.00 and set a “buy” rating for the company in a research note on Tuesday, May 7th. Evercore ISI dropped their price target on shares of AutoZone from $3,300.00 to $3,250.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, 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. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $3,066.53.

View Our Latest Stock Report on AZO

AutoZone Stock Performance

Shares of AZO stock 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 firm has a market capitalization of $48.11 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 1.40 and a beta of 0.72. The stock has a fifty day moving average of $3,015.95 and a two-hundred day moving average of $2,826.45.

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

Insider Activity

In related news, Chairman William C. Rhodes III sold 6,700 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $3,190.22, for a total transaction of $21,374,474.00. Following the completion of the sale, the chairman now directly owns 15,357 shares in the company, valued at $48,992,208.54. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other AutoZone news, Chairman William C. Rhodes III sold 6,700 shares of AutoZone stock in a transaction that occurred on 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 sale, the chairman now directly owns 15,357 shares in the company, valued at $48,992,208.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was 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 of the company’s stock, valued at $8,756,456.96. The disclosure for this sale can be found here. Insiders have sold a total of 15,990 shares of company stock worth $50,335,193 in the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of AutoZone

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Plancorp LLC lifted its holdings in AutoZone by 3.0% in the 3rd quarter. Plancorp LLC now owns 136 shares of the company’s stock worth $345,000 after purchasing an additional 4 shares during the last quarter. Alcosta Capital Management Inc. boosted its holdings in shares of AutoZone by 0.3% during the 3rd quarter. Alcosta Capital Management Inc. now owns 1,255 shares of the company’s stock worth $3,188,000 after buying an additional 4 shares during the period. Hohimer Wealth Management LLC grew its stake in AutoZone by 1.1% in the 3rd quarter. Hohimer Wealth Management LLC now owns 361 shares of the company’s stock valued at $917,000 after buying an additional 4 shares during the last quarter. Summit Trail Advisors LLC grew its stake in AutoZone by 3.8% in the 4th quarter. Summit Trail Advisors LLC now owns 110 shares of the company’s stock valued at $283,000 after buying an additional 4 shares during the last quarter. Finally, Guardian Capital LP raised its holdings in AutoZone by 1.3% in the 4th quarter. Guardian Capital LP now owns 301 shares of the company’s stock worth $778,000 after acquiring an additional 4 shares during the period. Institutional investors and hedge funds own 92.74% of the company’s stock.

About AutoZone

(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.

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