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

AutoZone (NYSE:AZO) had its price target lowered by Truist Financial from $3,394.00 to $3,341.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the company. StockNews.com cut AutoZone from a buy rating to a hold rating in a report on Saturday, September 21st. Evercore ISI cut their target price 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 reaffirmed a market perform rating and issued a $2,600.00 price target on shares of AutoZone in a research note on Wednesday, June 26th. Wedbush reiterated an outperform rating and set a $3,200.00 price objective on shares of AutoZone in a report on Thursday, September 19th. Finally, Guggenheim raised their target price on AutoZone from $3,150.00 to $3,225.00 and gave the company a buy rating in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $3,169.38.

AutoZone Stock Up 0.2 %

AZO stock opened at $3,196.61 on Wednesday. The firm has a market cap of $54.61 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 1.43 and a beta of 0.71. The company’s fifty day simple moving average is $3,121.63 and its 200 day simple moving average is $3,012.27. AutoZone has a 12-month low of $2,375.35 and a 12-month high of $3,256.37.

AutoZone (NYSE:AZO) last announced its quarterly earnings data 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). AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The business had revenue of $6.21 billion during the quarter, compared to analyst estimates of $6.25 billion. During the same period in the prior year, the firm earned $46.46 earnings per share. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. Research analysts expect that AutoZone will post 151.08 earnings per share for the current year.

Insider Activity at AutoZone

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

Institutional Trading of AutoZone

A number of hedge funds have recently bought and sold shares of AZO. Rise Advisors LLC purchased a new stake in shares of AutoZone during the 1st quarter valued at $32,000. Riverview Trust Co bought a new position in AutoZone during the first quarter valued at about $41,000. Meeder Asset Management Inc. grew its position in AutoZone by 50.0% during the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after buying an additional 5 shares during the period. E Fund Management Hong Kong Co. Ltd. purchased a new stake in AutoZone during the second quarter worth about $50,000. Finally, ORG Partners LLC bought a new stake in AutoZone in the second quarter worth about $50,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Company Profile

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.