AutoZone (NYSE:AZO) Price Target Lowered to $4,100.00 at JPMorgan Chase & Co.

AutoZone (NYSE:AZO) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $4,850.00 to $4,100.00 in a note issued to investors on Thursday. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 22.31% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. Roth Capital reiterated a “buy” rating and set a $4,650.00 target price (down from $4,750.00) on shares of AutoZone in a report on Wednesday, December 10th. DA Davidson lowered their price objective on AutoZone from $4,850.00 to $4,500.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Wells Fargo & Company decreased their target price on shares of AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating for the company in a research report on Wednesday, December 10th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of AutoZone in a research note on Monday. Finally, The Goldman Sachs Group decreased their price target on AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating on the stock in a research report on Wednesday, December 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,317.27.

AutoZone Price Performance

Shares of AZO traded down $41.11 during midday trading on Thursday, reaching $3,352.24. The stock had a trading volume of 24,984 shares, compared to its average volume of 132,308. AutoZone has a 52 week low of $3,162.00 and a 52 week high of $4,388.11. The firm’s 50 day moving average price is $3,799.39 and its 200-day moving average price is $3,888.89. The company has a market capitalization of $55.75 billion, a P/E ratio of 23.46, a P/E/G ratio of 1.62 and a beta of 0.40.

AutoZone (NYSE:AZO) last announced its quarterly earnings results 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). AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same period last year, the firm earned $32.52 EPS. AutoZone’s quarterly revenue was up 8.2% on a year-over-year basis. On average, equities analysts forecast that AutoZone will post 152.94 earnings per share for the current year.

AutoZone announced that its board has approved a share repurchase program on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at AutoZone

In related news, SVP K. Michelle Borninkhof sold 300 shares of the company’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the sale, the senior vice president directly owned 416 shares in the company, valued at approximately $1,570,400. This represents a 41.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Philip B. Daniele sold 2,533 shares of the stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the transaction, the chief executive officer owned 55 shares in the company, valued at $221,148.40. This represents a 97.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 5,693 shares of company stock valued at $23,259,891. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Flputnam Investment Management Co. raised its holdings in AutoZone by 3.2% in the first quarter. Flputnam Investment Management Co. now owns 96 shares of the company’s stock valued at $366,000 after acquiring an additional 3 shares in the last quarter. McLean Asset Management Corp lifted its stake in shares of AutoZone by 3.6% in the 2nd quarter. McLean Asset Management Corp now owns 87 shares of the company’s stock valued at $320,000 after purchasing an additional 3 shares in the last quarter. NBC Securities Inc. lifted its holdings in AutoZone by 0.9% in the 2nd quarter. NBC Securities Inc. now owns 347 shares of the company’s stock worth $1,288,000 after buying an additional 3 shares in the last quarter. Valeo Financial Advisors LLC increased its holdings in shares of AutoZone by 4.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock valued at $267,000 after acquiring an additional 3 shares during the last quarter. Finally, Harbour Investments Inc. boosted its stake in AutoZone by 27.3% during the 2nd quarter. Harbour Investments Inc. now owns 14 shares of the company’s stock valued at $52,000 after purchasing an additional 3 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

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.