AutoZone (NYSE:AZO) Price Target Raised to $4,274.00 at The Goldman Sachs Group

AutoZone (NYSE:AZO) had its target price raised by analysts at The Goldman Sachs Group from $4,234.00 to $4,274.00 in a note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 18.80% from the company’s current price.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. reduced their target price on AutoZone from $4,850.00 to $4,100.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Zacks Research raised shares of AutoZone from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. UBS Group reaffirmed a “buy” rating and issued a $4,555.00 target price on shares of AutoZone in a research note on Wednesday. Raymond James Financial decreased their price target on shares of AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, December 10th. Finally, Wolfe Research downgraded AutoZone from an “outperform” rating to a “peer perform” rating in a report on Tuesday, December 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $4,296.25.

AutoZone Stock Down 3.3%

NYSE:AZO traded down $122.97 during trading hours on Wednesday, reaching $3,597.53. The company had a trading volume of 107,978 shares, compared to its average volume of 186,873. The stock has a 50-day moving average of $3,563.72 and a two-hundred day moving average of $3,850.05. AutoZone has a one year low of $3,210.72 and a one year high of $4,388.11. The firm has a market capitalization of $59.61 billion, a PE ratio of 25.14, a PEG ratio of 1.75 and a beta of 0.41.

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

AutoZone announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director George R. Mrkonic, Jr. sold 97 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $3,341.99, for a total value of $324,173.03. Following the completion of the transaction, the director owned 3,564 shares of the company’s stock, valued at $11,910,852.36. The trade was a 2.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Earl G. Graves, Jr. sold 250 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $3,295.00, for a total value of $823,750.00. Following the sale, the director directly owned 4,887 shares of the company’s stock, valued at approximately $16,102,665. The trade was a 4.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders acquired 347 shares of company stock valued at $1,179,256 and sold 9,447 shares valued at $34,179,923. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AZO. Avantax Advisory Services Inc. increased its stake in AutoZone by 8.3% in the second quarter. Avantax Advisory Services Inc. now owns 2,742 shares of the company’s stock valued at $10,179,000 after purchasing an additional 210 shares in the last quarter. Braun Stacey Associates Inc. increased its position in AutoZone by 7.8% in the 3rd quarter. Braun Stacey Associates Inc. now owns 8,425 shares of the company’s stock valued at $36,145,000 after buying an additional 613 shares in the last quarter. Summit Global Investments increased its holdings in shares of AutoZone by 132.8% during the third quarter. Summit Global Investments now owns 319 shares of the company’s stock valued at $1,369,000 after acquiring an additional 182 shares in the last quarter. Foundations Investment Advisors LLC bought a new position in shares of AutoZone in the 3rd quarter worth $678,000. Finally, Exchange Traded Concepts LLC increased its stake in AutoZone by 68.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,457 shares of the company’s stock valued at $6,251,000 after purchasing an additional 591 shares in the last quarter. 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.