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

AutoZone (NYSE:AZO) had its price objective decreased by Truist Financial from $3,394.00 to $3,341.00 in a research note released on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

AZO has been the subject of a number of other research reports. Oppenheimer restated a market perform rating and issued a $2,600.00 price target on shares of AutoZone in a research note on Wednesday, June 26th. Evercore ISI dropped their target price on shares of AutoZone from $3,900.00 to $3,350.00 and set an outperform rating for the company in a research report on Friday, September 20th. Wedbush restated an outperform rating and issued a $3,200.00 target price on shares of AutoZone in a research note on Thursday, September 19th. Guggenheim lifted their price target on AutoZone from $3,150.00 to $3,225.00 and gave the stock a buy rating in a research note on Wednesday, June 26th. Finally, Morgan Stanley boosted their price objective on AutoZone from $3,038.00 to $3,125.00 and gave the company an overweight rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $3,169.38.

AutoZone Price Performance

Shares of AZO stock opened at $3,196.61 on Wednesday. The company’s fifty day moving average price is $3,116.79 and its two-hundred day moving average price is $3,011.32. The firm has a market capitalization of $54.61 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.43 and a beta of 0.71. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 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 analysts’ expectations of $6.25 billion. During the same period in the prior year, the company posted $46.46 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, sell-side analysts anticipate that AutoZone will post 151.08 EPS for the current year.

Insider Activity at AutoZone

In other news, VP John Scott Murphy sold 1,580 shares of the company’s stock in a transaction that occurred on 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.

Institutional Trading of AutoZone

A number of hedge funds and other institutional investors have recently made changes to their positions in AZO. Boston Partners grew its position in AutoZone by 1.7% in the first quarter. Boston Partners now owns 382,169 shares of the company’s stock worth $1,202,596,000 after buying an additional 6,226 shares during the last quarter. PineStone Asset Management Inc. boosted its stake in shares of AutoZone by 137.6% during the 2nd quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock worth $918,998,000 after acquiring an additional 179,543 shares in the last quarter. Parnassus Investments LLC raised its position in shares of AutoZone by 32.0% during the fourth quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock worth $629,780,000 after purchasing an additional 58,989 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of AutoZone by 11.8% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 212,831 shares of the company’s stock valued at $550,296,000 after purchasing an additional 22,507 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of AutoZone by 4.1% in the 1st quarter. Nordea Investment Management AB now owns 203,072 shares of the company’s stock valued at $643,641,000 after purchasing an additional 7,988 shares during the period. 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.