AutoZone (NYSE:AZO) Given New $4,600.00 Price Target at Raymond James Financial

AutoZone (NYSE:AZO) had its price objective lowered by investment analysts at Raymond James Financial from $4,800.00 to $4,600.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm currently has a “strong-buy” rating on the stock. Raymond James Financial’s price objective indicates a potential upside of 35.44% from the company’s previous close.

Several other equities research analysts have also commented on the company. Wolfe Research began coverage on AutoZone in a research report on Thursday, September 18th. They issued an “outperform” rating and a $4,741.00 price objective on the stock. JPMorgan Chase & Co. increased their price target on shares of AutoZone from $4,200.00 to $4,850.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. Citigroup cut their price objective on shares of AutoZone from $4,900.00 to $4,775.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Jefferies Financial Group upped their price objective on shares of AutoZone from $4,255.00 to $4,750.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Zacks Research upgraded AutoZone from a “strong sell” rating to a “hold” rating in a research report on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $4,429.08.

AutoZone Stock Performance

Shares of AZO opened at $3,396.32 on Wednesday. The business’s 50-day moving average is $3,886.57 and its two-hundred day moving average is $3,902.52. The company has a market capitalization of $56.49 billion, a P/E ratio of 23.50, a P/E/G ratio of 1.80 and a beta of 0.40. AutoZone has a fifty-two week low of $3,162.00 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $32.69 by ($1.65). The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period last year, the firm earned $32.52 EPS. Analysts forecast that AutoZone will post 152.94 EPS for the current year.

AutoZone announced that its Board of Directors has initiated a stock buyback plan on Wednesday, October 8th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the transaction, the vice president directly owned 1,244 shares of the company’s stock, valued at approximately $5,194,570.80. This trade represents a 69.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the completion of the sale, the chief executive officer owned 55 shares in the company, valued at approximately $221,148.40. The trade was a 97.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,693 shares of company stock worth $23,259,891 in the last 90 days. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AZO. Laurel Wealth Advisors LLC grew its holdings in shares of AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after buying an additional 935,230 shares in the last quarter. Norges Bank acquired a new position in AutoZone during the second quarter worth about $981,202,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in AutoZone by 7,358.8% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company’s stock worth $902,929,000 after acquiring an additional 239,970 shares during the last quarter. Vontobel Holding Ltd. grew its stake in AutoZone by 277.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock valued at $440,037,000 after acquiring an additional 75,382 shares in the last quarter. Finally, Evelyn Partners Investment Management Services Ltd raised its holdings in AutoZone by 1,185.5% in the 2nd quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company’s stock valued at $240,126,000 after acquiring an additional 59,653 shares during the last quarter. 92.74% of the stock is 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.