Citigroup Lowers AutoZone (NYSE:AZO) Price Target to $3,700.00

AutoZone (NYSE:AZO) had its price objective reduced by research analysts at Citigroup from $4,300.00 to $3,700.00 in a research note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 21.16% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. UBS Group set a $4,800.00 price objective on shares of AutoZone in a research note on Tuesday, March 3rd. Mizuho increased their price target on shares of AutoZone from $3,550.00 to $3,600.00 and gave the stock a “neutral” rating in a research note on Thursday, March 5th. Morgan Stanley boosted their target price on shares of AutoZone from $4,000.00 to $4,020.00 and gave the company an “overweight” rating in a report on Wednesday, March 4th. Guggenheim cut their price target on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Robert W. Baird reduced their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and an average target price of $4,099.83.

AutoZone Price Performance

Shares of AZO traded down $46.36 during mid-day trading on Wednesday, hitting $3,053.75. The stock had a trading volume of 20,426 shares, compared to its average volume of 191,540. The business has a fifty day moving average price of $3,448.20 and a 200-day moving average price of $3,579.65. AutoZone has a 52 week low of $3,001.00 and a 52 week high of $4,388.11. The firm has a market cap of $50.32 billion, a P/E ratio of 21.39, a PEG ratio of 1.74 and a beta of 0.43.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $35.36 EPS. As a group, research analysts expect that AutoZone will post 149.16 earnings per share for the current fiscal year.

Insider Activity at AutoZone

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the business’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Large investors have recently modified their holdings of the business. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of AutoZone by 6.6% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock worth $21,315,000 after purchasing an additional 306 shares in the last quarter. Summit Global Investments grew its holdings in shares of AutoZone by 132.8% in the third quarter. Summit Global Investments now owns 319 shares of the company’s stock valued at $1,369,000 after purchasing an additional 182 shares in the last quarter. Numerai GP LLC increased its stake in AutoZone by 1,199.3% during the 3rd quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock worth $7,525,000 after buying an additional 1,619 shares during the period. Foundations Investment Advisors LLC purchased a new stake in AutoZone during the 3rd quarter worth approximately $678,000. Finally, Caprock Group LLC acquired a new stake in AutoZone during the 3rd quarter worth approximately $4,049,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Key AutoZone News

Here are the key news stories impacting AutoZone this week:

• Positive Sentiment: AutoZone reported fiscal Q3 EPS of $38.07, ahead of consensus estimates, and revenue rose 8.4% year over year to $4.84 billion, with same-store sales up 3.9% companywide and 4.1% domestically. Article Title
• Positive Sentiment: Domestic growth and commercial expansion remained strong, and management said the repair business stayed resilient even as consumers cut back elsewhere. Article Title
• Neutral Sentiment: AutoZone announced a partnership with Google Cloud, which could support longer-term operational and digital initiatives, but it was not the main driver of the stock move. Article Title
• Neutral Sentiment: Several analysts cut price targets after the report, including BMO Capital Markets to $4,000 and Robert W. Baird to $3,600, signaling some caution but still implying upside from recent levels. Article Title
• Negative Sentiment: The stock fell sharply after the company missed revenue expectations, and multiple reports pointed to margin pressure, including a non-cash LIFO impact, as well as softer international results. Article Title

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.