AutoZone (NYSE:AZO) Price Target Cut to $4,096.00 by Analysts at The Goldman Sachs Group

AutoZone (NYSE:AZO) had its price target dropped by stock analysts at The Goldman Sachs Group from $4,345.00 to $4,096.00 in a report issued on Wednesday,MarketScreener reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 34.13% from the company’s previous close.

Other research analysts also recently issued reports about the company. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research note on Tuesday. UBS Group set a $4,800.00 price objective on AutoZone in a research note on Tuesday, March 3rd. Guggenheim decreased their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday. TD Cowen lowered their price target on AutoZone from $4,250.00 to $3,700.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley boosted their price target on AutoZone from $4,000.00 to $4,020.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,099.83.

AutoZone Stock Performance

Shares of AZO traded down $46.36 during trading hours 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 firm has a 50-day moving average price of $3,448.20 and a 200 day moving average price of $3,579.65. AutoZone has a fifty-two week low of $3,001.00 and a fifty-two week high of $4,388.11. The firm has a market capitalization of $50.32 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 1.74 and a beta of 0.43.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On AutoZone

A number of hedge funds have recently made changes to their positions in the stock. Banco Bilbao Vizcaya Argentaria S.A. boosted 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 buying an additional 306 shares during the period. Summit Global Investments boosted its holdings in AutoZone by 132.8% during the 3rd quarter. Summit Global Investments now owns 319 shares of the company’s stock valued at $1,369,000 after acquiring an additional 182 shares during the period. Numerai GP LLC increased its stake in AutoZone by 1,199.3% during the third quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock worth $7,525,000 after purchasing an additional 1,619 shares during the period. Foundations Investment Advisors LLC purchased a new stake in AutoZone during the third quarter worth about $678,000. Finally, Caprock Group LLC acquired a new stake in shares of AutoZone during the third quarter worth about $4,049,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Key Stories Impacting AutoZone

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

AutoZone Company Profile

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.