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

AutoZone (NYSE:AZO) had its price objective reduced by Barclays from $4,318.00 to $3,800.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently issued reports on AZO. The Goldman Sachs Group lowered their price objective on shares of AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. Gabelli reaffirmed a “buy” rating on shares of AutoZone in a report on Thursday, November 6th. Evercore ISI reaffirmed an “outperform” rating and set a $4,100.00 price target on shares of AutoZone in a research note on Wednesday, December 10th. Citigroup cut their price objective on shares of AutoZone from $4,775.00 to $4,200.00 and set a “buy” rating on the stock in a report on Thursday, December 11th. Finally, TD Cowen lowered their target price on AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating for the company in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $4,310.12.

AutoZone Price Performance

NYSE:AZO opened at $3,417.62 on Thursday. The business’s 50-day moving average is $3,617.96 and its two-hundred day moving average is $3,855.12. The firm has a market capitalization of $56.63 billion, a PE ratio of 23.83, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42. AutoZone has a 12 month low of $3,162.00 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). The company 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%.AutoZone’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $32.52 EPS. Equities analysts anticipate that AutoZone will post 152.94 EPS for the current year.

AutoZone announced that its board has authorized a stock buyback program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at AutoZone

In related news, Director Michael A. George purchased 145 shares of AutoZone stock in a transaction dated Monday, December 22nd. The shares were acquired at an average price of $3,398.13 per share, with a total value of $492,728.85. Following the completion of the transaction, the director owned 566 shares of the company’s stock, valued at approximately $1,923,341.58. This trade represents a 34.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP K. Michelle Borninkhof sold 300 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the sale, the senior vice president directly owned 416 shares of the company’s stock, valued at approximately $1,570,400. This represents a 41.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have purchased 347 shares of company stock valued at $1,179,256 and have sold 3,180 shares valued at $12,465,312. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AutoZone

Institutional investors and hedge funds have recently made changes to their positions in the company. Turning Point Benefit Group Inc. bought a new stake in AutoZone during the third quarter valued at $25,000. Raleigh Capital Management Inc. acquired a new position in shares of AutoZone in the 3rd quarter valued at about $26,000. Aspect Partners LLC grew its position in shares of AutoZone by 700.0% during the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after buying an additional 7 shares during the last quarter. Global Trust Asset Management LLC raised its stake in AutoZone by 600.0% during the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after acquiring an additional 6 shares during the period. Finally, Bank of Jackson Hole Trust bought a new position in AutoZone in the second quarter worth about $33,000. 92.74% of the stock is owned by institutional investors and hedge funds.

About AutoZone

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.