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

AutoZone (NYSE:AZO) had its price objective boosted by stock analysts at Truist Financial from $3,501.00 to $3,753.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 12.17% from the stock’s previous close.

Several other research analysts have also issued reports on AZO. BNP Paribas upgraded shares of AutoZone to a “strong-buy” rating in a research report on Wednesday, September 25th. Wells Fargo & Company increased their price objective 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. Citigroup dropped their target price on AutoZone from $3,787.00 to $3,500.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Morgan Stanley increased their price target on shares of AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Finally, Redburn Atlantic upgraded shares of AutoZone to a “strong-buy” rating in a report on Tuesday, October 1st. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,339.25.

AutoZone Stock Up 0.1 %

NYSE:AZO opened at $3,345.71 on Wednesday. The stock has a market cap of $56.56 billion, a P/E ratio of 22.35, a PEG ratio of 1.70 and a beta of 0.71. The business’s 50-day moving average price is $3,142.71 and its two-hundred day moving average price is $3,059.09. AutoZone has a twelve month low of $2,510.00 and a twelve month high of $3,416.71.

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

Insider Transactions at AutoZone

In other news, Chairman William C. Rhodes III sold 300 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $3,075.20, for a total value of $922,560.00. Following the completion of the sale, the chairman now directly owns 13,857 shares of the company’s stock, valued at approximately $42,613,046.40. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Scott Murphy sold 1,580 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the transaction, the vice president now directly owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. The trade was a 56.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,880 shares of company stock worth $46,225,660. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AutoZone

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC bought a new stake in shares of AutoZone during the 2nd quarter valued at $50,000. Envestnet Portfolio Solutions Inc. increased its stake in shares of AutoZone by 39.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 387 shares of the company’s stock valued at $1,147,000 after purchasing an additional 109 shares in the last quarter. Swedbank AB lifted its holdings in shares of AutoZone by 5.6% during the second quarter. Swedbank AB now owns 16,524 shares of the company’s stock valued at $48,979,000 after purchasing an additional 869 shares during the last quarter. Fiduciary Financial Group LLC bought a new stake in shares of AutoZone in the 2nd quarter worth approximately $334,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of AutoZone by 39.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 49,818 shares of the company’s stock worth $147,666,000 after buying an additional 14,050 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other 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.