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

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

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley increased their price target on AutoZone from $2,900.00 to $3,100.00 and gave the company an “overweight” rating in a research note on Wednesday, February 28th. Truist Financial raised their price target on shares of AutoZone from $3,363.00 to $3,523.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Wedbush upped their price objective on shares of AutoZone from $2,950.00 to $3,400.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. DA Davidson lifted their target price 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. Finally, JPMorgan Chase & Co. upped their target price on AutoZone from $3,000.00 to $3,200.00 and gave the company an “overweight” rating in a research report on Wednesday, February 28th. Five equities research 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3,108.83.

AutoZone Stock Performance

Shares of AutoZone stock traded up $17.95 on Tuesday, reaching $2,985.65. 56,290 shares of the stock were exchanged, compared to its average volume of 150,696. The firm’s 50 day moving average is $3,055.88 and its 200-day moving average is $2,791.59. The firm has a market cap of $51.71 billion, a PE ratio of 21.06, a P/E/G ratio of 1.46 and a beta of 0.72. AutoZone has a one year low of $2,277.88 and a one year high of $3,256.37.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $28.89 EPS for the quarter, beating 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 business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same quarter in the prior year, the firm earned $24.64 EPS. The firm’s revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts expect that AutoZone will post 152.4 EPS for the current fiscal year.

Insider Activity

In other news, VP Richard Craig Smith sold 3,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the vice president now directly owns 2,921 shares of the company’s stock, valued at approximately $8,756,456.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Richard Craig Smith sold 3,000 shares of the 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 transaction, the vice president now directly owns 2,921 shares of the company’s stock, valued at $8,756,456.96. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 dated Thursday, March 21st. The stock was sold at an average price of $3,200.00, for a total value of $6,720,000.00. Following the completion of the sale, the vice president now owns 910 shares in the company, valued at approximately $2,912,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,990 shares of company stock valued at $50,335,193. 2.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AutoZone

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC boosted its holdings in AutoZone by 232,194.6% in the fourth quarter. International Assets Investment Management LLC now owns 731,728 shares of the company’s stock valued at $1,891,963,000 after purchasing an additional 731,413 shares during the period. Royal Bank of Canada increased its position in AutoZone by 1.3% in the 3rd quarter. Royal Bank of Canada now owns 441,566 shares of the company’s stock valued at $1,121,572,000 after acquiring an additional 5,650 shares during the period. Wellington Management Group LLP increased its position in AutoZone by 111.4% in the 3rd quarter. Wellington Management Group LLP now owns 335,190 shares of the company’s stock valued at $851,379,000 after acquiring an additional 176,623 shares during the period. Norges Bank acquired a new position in AutoZone in the 4th quarter valued at about $678,350,000. Finally, Morgan Stanley boosted its holdings in AutoZone by 4.5% in the 3rd quarter. Morgan Stanley now owns 259,964 shares of the company’s stock valued at $660,309,000 after purchasing an additional 11,104 shares in the last quarter. 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.