Barclays Lowers AutoZone (NYSE:AZO) Price Target to $3,800.00

AutoZone (NYSE:AZO) had its target price lowered by equities research analysts at Barclays from $4,318.00 to $3,800.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 11.19% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley boosted their price objective on AutoZone from $4,000.00 to $4,700.00 and gave the company an “overweight” rating in a report on Wednesday, September 24th. DA Davidson decreased their target price on AutoZone from $4,850.00 to $4,500.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. BNP Paribas Exane cut their price target on shares of AutoZone from $4,811.00 to $4,268.00 and set an “outperform” rating on the stock in a report on Wednesday, December 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of AutoZone in a research note on Monday, December 29th. Finally, Mizuho reiterated a “neutral” rating and set a $3,550.00 price objective (down previously from $3,850.00) on shares of AutoZone in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4,310.12.

AutoZone Stock Up 3.1%

NYSE AZO opened at $3,417.62 on Thursday. The company has a market capitalization of $56.63 billion, a P/E ratio of 23.83, a price-to-earnings-growth ratio of 1.57 and a beta of 0.42. AutoZone has a 52 week low of $3,162.00 and a 52 week high of $4,388.11. The stock’s 50-day moving average price is $3,617.96 and its 200-day moving average price is $3,853.21.

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

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

Insider Buying and Selling at AutoZone

In other news, Director Michael A. George purchased 145 shares of the stock in a transaction dated Monday, December 22nd. The shares were purchased at an average cost of $3,398.13 per share, with a total value of $492,728.85. Following the completion of the purchase, the director directly owned 566 shares of the company’s stock, valued at approximately $1,923,341.58. The trade was a 34.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jamere Jackson purchased 55 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was bought 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 of the company’s stock, valued at approximately $1,665,788. This represents a 12.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 347 shares of company stock valued at $1,179,256 and have sold 3,180 shares valued at $12,465,312. Company insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

Hedge funds have recently made changes to their positions in the company. McLean Asset Management Corp raised its position in shares of AutoZone by 3.6% during the 2nd quarter. McLean Asset Management Corp now owns 87 shares of the company’s stock valued at $320,000 after buying an additional 3 shares during the period. NBC Securities Inc. increased its stake in AutoZone by 0.9% during the second quarter. NBC Securities Inc. now owns 347 shares of the company’s stock worth $1,288,000 after acquiring an additional 3 shares during the last quarter. Valeo Financial Advisors LLC raised its position in AutoZone by 4.3% in the second quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock valued at $267,000 after purchasing an additional 3 shares during the period. Ritholtz Wealth Management lifted its stake in shares of AutoZone by 0.3% in the 2nd quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock valued at $4,377,000 after purchasing an additional 3 shares during the last quarter. Finally, Pittenger & Anderson Inc. grew its holdings in shares of AutoZone by 4.3% during the 2nd quarter. Pittenger & Anderson Inc. now owns 72 shares of the company’s stock worth $267,000 after purchasing an additional 3 shares during the period. Hedge funds and other 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.