Truist Financial Lowers AutoZone (NYSE:AZO) Price Target to $3,341.00

AutoZone (NYSE:AZO) had its target price reduced by Truist Financial from $3,394.00 to $3,341.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Evercore ISI dropped their price target on shares of AutoZone from $3,900.00 to $3,350.00 and set an outperform rating on the stock in a research note on Friday, September 20th. Oppenheimer reissued a market perform rating and set a $2,600.00 target price on shares of AutoZone in a research report on Wednesday, June 26th. StockNews.com cut AutoZone from a buy rating to a hold rating in a research report on Saturday, September 21st. Morgan Stanley raised their price objective on AutoZone from $3,038.00 to $3,125.00 and gave the company an overweight rating in a research note on Wednesday. Finally, Guggenheim boosted their target price on AutoZone from $3,150.00 to $3,225.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $3,169.38.

AutoZone Stock Up 0.2 %

Shares of AutoZone stock opened at $3,196.61 on Wednesday. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37. The stock has a market cap of $54.61 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71. The business has a fifty day simple moving average of $3,116.79 and a 200-day simple moving average of $3,011.32.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). The company had revenue of $6.21 billion for the quarter, compared to analyst estimates of $6.25 billion. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the business earned $46.46 EPS. Analysts expect that AutoZone will post 151.08 EPS for the current fiscal year.

Insider Transactions at AutoZone

In related news, VP John Scott Murphy sold 1,580 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the transaction, the vice president now directly owns 1,218 shares in the company, valued at $3,785,166.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On AutoZone

A number of hedge funds have recently made changes to their positions in AZO. SG Americas Securities LLC increased its stake in AutoZone by 35.3% in the first quarter. SG Americas Securities LLC now owns 3,534 shares of the company’s stock valued at $11,138,000 after acquiring an additional 922 shares during the period. Sei Investments Co. raised its holdings in shares of AutoZone by 60.7% in the 1st quarter. Sei Investments Co. now owns 22,315 shares of the company’s stock worth $70,326,000 after buying an additional 8,427 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of AutoZone by 12.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 3,509 shares of the company’s stock worth $11,059,000 after buying an additional 401 shares in the last quarter. Parnassus Investments LLC lifted its position in shares of AutoZone by 32.0% during the 4th quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock worth $629,780,000 after buying an additional 58,989 shares during the period. Finally, Peak Financial Advisors LLC acquired a new stake in AutoZone in the 2nd quarter valued at $2,816,000. Institutional investors and hedge funds 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.