Truist Financial Issues Positive Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO - Free Report) had its price target raised by Truist Financial from $3,501.00 to $3,753.00 in a research report sent to investors on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research firms have also recently commented on AZO. UBS Group lifted their target price on AutoZone from $3,340.00 to $3,500.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. Wells Fargo & Company lifted their target price on AutoZone from $3,400.00 to $3,450.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Roth Capital raised AutoZone to a "strong-buy" rating in a report on Tuesday, October 15th. Redburn Atlantic raised AutoZone to a "strong-buy" rating in a report on Tuesday, October 1st. Finally, Mizuho lifted their price objective on AutoZone from $3,350.00 to $3,600.00 and gave the stock an "outperform" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, AutoZone presently has an average rating of "Moderate Buy" and an average price target of $3,339.25.

AutoZone Trading Down 0.1 %

Shares of AZO traded down $2.46 during trading hours on Wednesday, reaching $3,344.70. The stock had a trading volume of 119,116 shares, compared to its average volume of 139,673. AutoZone has a 12 month low of $2,510.00 and a 12 month high of $3,416.71. The firm has a 50-day simple moving average of $3,137.56 and a 200 day simple moving average of $3,057.08. The company has a market capitalization of $56.54 billion, a price-to-earnings ratio of 22.45, a P/E/G ratio of 1.70 and a beta of 0.71.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, December 10th. The company reported $32.52 earnings per share for the quarter, missing the consensus estimate of $33.69 by ($1.17). AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the business posted $32.55 earnings per share. AutoZone's revenue was up 2.1% on a year-over-year basis. On average, equities analysts forecast that AutoZone will post 155.79 EPS for the current year.

Insider Activity

In other news, Chairman William C. Rhodes III sold 13,000 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the sale, the chairman now directly owns 13,857 shares of the company's stock, valued at approximately $43,055,777.55. This represents a 48.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John Scott Murphy sold 1,580 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the sale, the vice president now directly owns 1,218 shares in the company, valued at approximately $3,785,166.42. This represents a 56.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,880 shares of company stock valued at $46,225,660. Company insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On AutoZone

Several institutional investors have recently modified their holdings of AZO. Capital Performance Advisors LLP purchased a new stake in shares of AutoZone during the third quarter valued at $36,000. Meeder Asset Management Inc. boosted its position in AutoZone by 50.0% in the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company's stock worth $44,000 after purchasing an additional 5 shares during the last quarter. Carolina Wealth Advisors LLC purchased a new position in AutoZone in the third quarter worth about $47,000. Darwin Wealth Management LLC purchased a new position in AutoZone in the third quarter worth about $47,000. Finally, ORG Partners LLC purchased a new position in AutoZone in the second quarter worth about $50,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.