AutoZone (NYSE:AZO) Price Target Lowered to $3,275.00 at Evercore ISI

AutoZone (NYSE:AZO) had its price objective dropped by research analysts at Evercore ISI from $3,278.00 to $3,275.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price objective would indicate a potential upside of 15.77% from the stock’s current price.

AZO has been the topic of a number of other research reports. Truist Financial cut their price target on shares of AutoZone from $3,523.00 to $3,394.00 and set a “buy” rating on the stock in a research note on Wednesday, May 22nd. StockNews.com lowered shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Friday, April 12th. Barclays decreased their price objective on shares of AutoZone from $3,100.00 to $3,024.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Guggenheim increased their price objective on shares of AutoZone from $3,150.00 to $3,225.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Oppenheimer reissued a “market perform” rating and issued a $2,600.00 price target on shares of AutoZone in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3,112.71.

AutoZone Price Performance

AutoZone stock traded down $3.90 during mid-day trading on Tuesday, reaching $2,828.89. 22,696 shares of the company traded hands, compared to its average volume of 153,051. AutoZone has a fifty-two week low of $2,375.35 and a fifty-two week high of $3,256.37. The company has a market capitalization of $48.32 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.49 and a beta of 0.71. The firm’s fifty day moving average is $2,894.37 and its two-hundred day moving average is $2,865.58.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $35.67 by $1.02. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the business posted $34.12 EPS. AutoZone’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities research analysts predict that AutoZone will post 151.57 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Jenna M. Bedsole acquired 36 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $2,757.10 per share, for a total transaction of $99,255.60. Following the completion of the transaction, the vice president now owns 36 shares in the company, valued at $99,255.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On AutoZone

Institutional investors have recently made changes to their positions in the stock. Schonfeld Strategic Advisors LLC boosted its position in shares of AutoZone by 278.2% during the third quarter. Schonfeld Strategic Advisors LLC now owns 2,080 shares of the company’s stock worth $5,283,000 after buying an additional 1,530 shares during the period. Truist Financial Corp grew its position in AutoZone by 19.6% in the 3rd quarter. Truist Financial Corp now owns 6,959 shares of the company’s stock valued at $17,676,000 after acquiring an additional 1,141 shares in the last quarter. Advisors Asset Management Inc. increased its stake in AutoZone by 16.4% during the third quarter. Advisors Asset Management Inc. now owns 312 shares of the company’s stock worth $792,000 after purchasing an additional 44 shares during the period. Axxcess Wealth Management LLC lifted its position in shares of AutoZone by 12.3% during the third quarter. Axxcess Wealth Management LLC now owns 475 shares of the company’s stock worth $1,206,000 after purchasing an additional 52 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of AutoZone by 17.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 21,515 shares of the company’s stock worth $54,648,000 after purchasing an additional 3,200 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

About AutoZone

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.