AutoZone (NYSE:AZO) Given New $3,500.00 Price Target at Oppenheimer

Key Points

• Oppenheimer lowered AutoZone’s price target from $4,300 to $3,500 while maintaining an “outperform” rating, implying roughly 23% upside from the current share price.
• Analyst sentiment remains broadly positive: AutoZone has an average “Moderate Buy” rating and a consensus price target of $3,913.62, despite several recent target reductions.
• AutoZone authorized a $1.5 billion share-buyback program, allowing repurchases of up to 3% of outstanding shares; institutional investors own 92.74% of the company.

AutoZone (NYSE:AZO - Get Free Report) had its price target cut by equities research analysts at Oppenheimer from $4,300.00 to $3,500.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Oppenheimer's price target would suggest a potential upside of 23.03% from the stock's current price.

Several other brokerages have also commented on AZO. TD Cowen cut their price target on shares of AutoZone from $3,700.00 to $3,500.00 and set a "buy" rating for the company in a report on Monday, August 31st. Morgan Stanley cut their target price on shares of 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. Weiss Ratings lowered shares of AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Barclays lowered their price objective on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a report on Tuesday, August 4th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $3,913.62.

AutoZone Stock Down 0.1%

AutoZone stock opened at $2,844.84 on Friday. AutoZone has a 52 week low of $2,834.00 and a 52 week high of $4,332.68. The business's 50-day moving average price is $2,999.10 and its 200 day moving average price is $3,223.74. The firm has a market cap of $46.44 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.42 and a beta of 0.34.

AutoZone declared that its board has authorized a stock buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the stock in a transaction dated 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 completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On AutoZone

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MCF Advisors LLC boosted its position in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after acquiring an additional 3 shares during the last quarter. Bard Associates Inc. acquired a new stake in shares of AutoZone during the 4th quarter worth approximately $31,000. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of AutoZone during the 2nd quarter valued at approximately $29,000. Asset Dedication LLC grew its position in AutoZone by 150.0% in the first quarter. Asset Dedication LLC now owns 10 shares of the company's stock worth $34,000 after acquiring an additional 6 shares during the period. Finally, Tacita Capital Inc purchased a new stake in AutoZone in the second quarter valued at $32,000. Institutional investors and hedge funds own 92.74% of the company's stock.

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.

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