Oppenheimer Cuts AutoZone (NYSE:AZO) Price Target to $3,500.00

AutoZone (NYSE:AZO) had its target price reduced by research analysts at Oppenheimer from $4,300.00 to $3,500.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 23.03% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Roth Capital decreased their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Robert W. Baird cut their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. BNP Paribas Exane reduced their price objective on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Morgan Stanley lowered their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. Finally, TD Cowen reduced their price target on AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating on the stock in a research report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $3,913.62.

AutoZone Stock Performance

Shares of AZO opened at $2,844.84 on Friday. The stock has a market capitalization of $46.44 billion, a PE ratio of 19.56, a P/E/G ratio of 1.42 and a beta of 0.34. AutoZone has a 1 year low of $2,834.00 and a 1 year high of $4,332.68. The company’s 50-day simple moving average is $2,999.10 and its 200-day simple moving average is $3,223.74.

AutoZone declared that its board has authorized a share repurchase plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at AutoZone

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in AZO. MCF Advisors LLC lifted its position in AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after purchasing an additional 3 shares during the period. Bard Associates Inc. acquired a new position in AutoZone during the 4th quarter worth approximately $31,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of AutoZone during the 2nd quarter worth approximately $29,000. Asset Dedication LLC lifted its holdings in shares of AutoZone by 150.0% in the 1st quarter. Asset Dedication LLC now owns 10 shares of the company’s stock valued at $34,000 after buying an additional 6 shares during the period. Finally, Tacita Capital Inc purchased a new stake in shares of AutoZone in the second quarter valued at approximately $32,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

About AutoZone

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.