Brokerages Set AutoZone, Inc. (NYSE:AZO) Target Price at $3,957.38

AutoZone, Inc. (NYSE:AZO) has earned an average rating of “Moderate Buy” from the twenty-seven analysts that are presently covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $3,946.9583.

Several equities research analysts have weighed in on AZO shares. JPMorgan Chase & Co. dropped their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. Morgan Stanley reduced their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane lowered their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Finally, Piper Sandler set a $3,500.00 price objective on shares of AutoZone in a report on Monday, August 31st.

AutoZone Trading Up 3.0%

Shares of AutoZone stock opened at $2,962.62 on Friday. The stock has a market capitalization of $48.36 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 1.44 and a beta of 0.34. AutoZone has a twelve month low of $2,865.13 and a twelve month high of $4,357.81. The business’s 50 day simple moving average is $3,011.00 and its 200-day simple moving average is $3,241.45.

AutoZone declared that its board has initiated a share repurchase plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in shares of AutoZone by 29.6% during the second quarter. Tidal Investments LLC now owns 7,922 shares of the company’s stock valued at $25,318,000 after purchasing an additional 1,809 shares in the last quarter. National Pension Service grew its position in AutoZone by 3.6% in the 2nd quarter. National Pension Service now owns 45,649 shares of the company’s stock valued at $145,891,000 after buying an additional 1,578 shares in the last quarter. WINTON GROUP Ltd increased its stake in AutoZone by 48.6% during the 2nd quarter. WINTON GROUP Ltd now owns 110 shares of the company’s stock valued at $352,000 after buying an additional 36 shares during the period. Engineers Gate Manager LP raised its position in shares of AutoZone by 923.1% during the 2nd quarter. Engineers Gate Manager LP now owns 1,238 shares of the company’s stock worth $3,957,000 after buying an additional 1,117 shares in the last quarter. Finally, Integrated Wealth Concepts LLC lifted its stake in shares of AutoZone by 24.3% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 491 shares of the company’s stock worth $1,569,000 after acquiring an additional 96 shares during the period. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.