AutoZone (NYSE:AZO) Price Target Cut to $3,420.00 by Analysts at Citigroup

AutoZone (NYSE:AZO) had its price objective reduced by analysts at Citigroup from $3,505.00 to $3,420.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 14.55% from the company’s current price.

A number of other research firms also recently issued reports on AZO. Morgan Stanley boosted their price target on shares of AutoZone from $2,900.00 to $3,100.00 and gave the company an “overweight” rating in a research note on Wednesday, February 28th. Wedbush lifted their price objective on shares of AutoZone from $2,950.00 to $3,400.00 and gave the company an “outperform” rating in a report 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 company a “buy” rating in a report 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 company a “buy” rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of AutoZone from $3,000.00 to $3,200.00 and gave the company an “overweight” rating in a report on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $3,108.83.

AutoZone Trading Up 0.6 %

AZO stock traded up $17.95 during trading on Tuesday, reaching $2,985.65. 56,290 shares of the stock were exchanged, compared to its average volume of 150,696. The business has a 50 day moving average price of $3,055.88 and a 200-day moving average price of $2,791.59. 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 $51.71 billion, a price-to-earnings ratio of 21.06, a P/E/G ratio of 1.46 and a beta of 0.72.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, February 27th. The company reported $28.89 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $4.32 billion. During the same period in the previous year, the firm earned $24.64 earnings per share. AutoZone’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, research analysts anticipate that AutoZone will post 152.4 EPS for the current year.

Insider Activity

In other news, VP Richard Craig Smith sold 3,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $2,997.76, for a total value of $8,993,280.00. Following the completion of the transaction, the vice president now owns 2,921 shares in the company, valued at approximately $8,756,456.96. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Richard Craig Smith sold 3,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $2,997.76, for a total value of $8,993,280.00. Following the completion of the sale, the vice president now owns 2,921 shares in the company, valued at approximately $8,756,456.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Eric S. Gould sold 2,100 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $3,200.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the vice president now owns 910 shares of the company’s stock, valued at approximately $2,912,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,990 shares of company stock worth $50,335,193. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Large investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its holdings in shares of AutoZone by 32.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 2,454 shares of the company’s stock valued at $6,234,000 after purchasing an additional 595 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of AutoZone by 0.8% in the 3rd quarter. Brown Advisory Inc. now owns 1,004 shares of the company’s stock valued at $2,550,000 after purchasing an additional 8 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in shares of AutoZone by 7.1% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 90 shares of the company’s stock valued at $219,000 after purchasing an additional 6 shares in the last quarter. Advisor Partners II LLC increased its holdings in shares of AutoZone by 9.9% in the 3rd quarter. Advisor Partners II LLC now owns 1,254 shares of the company’s stock valued at $3,184,000 after purchasing an additional 113 shares in the last quarter. Finally, Park Avenue Securities LLC purchased a new position in shares of AutoZone in the 3rd quarter valued at about $643,000. Hedge funds and other institutional investors 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.