JPMorgan Chase & Co. Issues Pessimistic Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO) had its price objective cut by analysts at JPMorgan Chase & Co. from $4,850.00 to $4,100.00 in a report issued on Thursday, Marketbeat reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 20.89% from the stock’s previous close.

A number of other research analysts have also recently issued reports on AZO. Roth Capital reissued a “buy” rating and issued a $4,650.00 target price (down from $4,750.00) on shares of AutoZone in a research note on Wednesday, December 10th. Robert W. Baird initiated coverage on AutoZone in a report on Wednesday, December 3rd. They set an “outperform” rating and a $4,500.00 price objective on the stock. Rothschild & Co Redburn increased their target price on AutoZone from $4,300.00 to $4,700.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Mizuho cut their price target on shares of AutoZone from $4,050.00 to $3,850.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 10th. Finally, Wolfe Research cut shares of AutoZone from an “outperform” rating to a “peer perform” rating in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and an average target price of $4,317.27.

AutoZone Stock Down 1.0%

AZO stock opened at $3,391.42 on Thursday. The business’s fifty day moving average is $3,774.97 and its 200-day moving average is $3,883.21. The company has a market cap of $56.40 billion, a P/E ratio of 23.65, a price-to-earnings-growth ratio of 1.62 and a beta of 0.40. AutoZone has a twelve month low of $3,162.00 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $32.52 EPS. Research analysts anticipate that AutoZone will post 152.94 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 8th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other AutoZone news, CFO Jamere Jackson purchased 55 shares of the stock in a transaction on Wednesday, December 10th. The shares were purchased at an average price of $3,413.50 per share, with a total value of $187,742.50. Following the completion of the transaction, the chief financial officer directly owned 488 shares in the company, valued at $1,665,788. This represents a 12.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Scott Murphy sold 2,860 shares of the company’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the sale, the vice president owned 1,244 shares in the company, valued at $5,194,570.80. This represents a 69.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,693 shares of company stock worth $23,259,891 in the last quarter. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On AutoZone

A number of institutional investors have recently made changes to their positions in AZO. Turning Point Benefit Group Inc. bought a new stake in AutoZone in the 3rd quarter valued at $25,000. Raleigh Capital Management Inc. acquired a new stake in shares of AutoZone during the third quarter worth $26,000. Saudi Central Bank bought a new stake in shares of AutoZone in the first quarter valued at about $27,000. Aspect Partners LLC grew its stake in shares of AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after acquiring an additional 7 shares in the last quarter. Finally, Global Trust Asset Management LLC grew its stake in shares of AutoZone by 600.0% in the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after acquiring an additional 6 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.