Truist Financial Increases AutoZone (NYSE:AZO) Price Target to $3,753.00

AutoZone (NYSE:AZO) had its target price boosted by equities research analysts at Truist Financial from $3,501.00 to $3,753.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 12.10% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. The Goldman Sachs Group lowered AutoZone from a “buy” rating to a “sell” rating and cut their price target for the company from $3,205.00 to $2,917.00 in a research note on Monday, October 14th. Roth Mkm restated a “buy” rating and issued a $3,634.00 price objective on shares of AutoZone in a research report on Wednesday, October 16th. Wells Fargo & Company increased their target price on AutoZone from $3,400.00 to $3,450.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Redburn Atlantic raised shares of AutoZone to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, UBS Group increased their price objective on shares of AutoZone from $3,340.00 to $3,500.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and an average price target of $3,264.25.

AutoZone Trading Up 0.7 %

Shares of AZO stock opened at $3,347.85 on Wednesday. AutoZone has a twelve month low of $2,510.00 and a twelve month high of $3,416.71. The stock has a 50 day moving average of $3,134.07 and a 200 day moving average of $3,053.20. The stock has a market cap of $56.59 billion, a P/E ratio of 22.36, a P/E/G ratio of 1.70 and a beta of 0.71.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $33.69 by ($1.17). The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.30 billion. AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $32.55 earnings per share. On average, research analysts predict that AutoZone will post 155.79 earnings per share for the current fiscal year.

Insider Buying and Selling at AutoZone

In other AutoZone news, Chairman William C. Rhodes III sold 13,000 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total transaction of $40,392,950.00. Following the transaction, the chairman now directly owns 13,857 shares in the company, valued at $43,055,777.55. This represents a 48.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Scott Murphy sold 1,580 shares of the firm’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 transaction, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. This represents a 56.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,880 shares of company stock valued at $46,225,660 over the last 90 days. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On AutoZone

Hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC increased its stake in AutoZone by 354,692.5% during the third quarter. International Assets Investment Management LLC now owns 993,419 shares of the company’s stock worth $31,293,100,000 after purchasing an additional 993,139 shares during the period. Strategic Financial Concepts LLC purchased a new stake in AutoZone during the 2nd quarter worth approximately $424,000. Baillie Gifford & Co. lifted its holdings in AutoZone by 2,714.8% during the 2nd quarter. Baillie Gifford & Co. now owns 120,194 shares of the company’s stock worth $356,267,000 after buying an additional 115,924 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in AutoZone by 186.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock valued at $292,544,000 after buying an additional 60,483 shares during the period. Finally, Squarepoint Ops LLC grew its stake in shares of AutoZone by 319.0% in the second quarter. Squarepoint Ops LLC now owns 36,225 shares of the company’s stock worth $107,375,000 after acquiring an additional 27,580 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

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.