AutoZone (NYSE:AZO) Price Target Cut to $3,700.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered AutoZone’s price target to $3,700 from $3,850 while maintaining an “overweight” rating, implying 28.91% upside from the previous close.
• Analyst sentiment remains favorable: AutoZone has a consensus “Moderate Buy” rating and an average price target of $3,710.88, despite recent target reductions from several firms.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, and authorized a $1.5 billion share-buyback program covering up to 3% of its outstanding shares.

AutoZone (NYSE:AZO - Get Free Report) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $3,850.00 to $3,700.00 in a report issued on Monday. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 28.91% from the company's previous close.

AZO has been the topic of a number of other reports. Truist Financial lowered their price objective on AutoZone from $3,817.00 to $3,648.00 and set a "buy" rating on the stock in a research report on Wednesday. UBS Group set a $3,850.00 target price on shares of AutoZone in a research note on Wednesday. Evercore reiterated an "outperform" rating on shares of AutoZone in a research report on Wednesday. Barclays decreased their price objective on shares of AutoZone from $3,637.00 to $3,400.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Robert W. Baird lowered their target price on shares of AutoZone from $3,600.00 to $3,400.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $3,710.88.

AutoZone Stock Performance

Shares of AutoZone stock opened at $2,870.31 on Monday. AutoZone has a one year low of $2,764.88 and a one year high of $4,332.68. The stock's fifty day moving average is $2,976.93 and its 200 day moving average is $3,187.51. The stock has a market cap of $46.87 billion, a P/E ratio of 18.79, a P/E/G ratio of 1.32 and a beta of 0.34.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $55.51. The business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.AutoZone's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $48.71 earnings per share. Analysts predict that AutoZone will post 172.97 EPS for the current year.

AutoZone declared that its Board of Directors has authorized a share buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to buy up to 3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other news, VP Dennis LeRiche sold 1,455 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was 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 $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 SEC, which is available at the SEC website. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On AutoZone

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MCF Advisors LLC increased its stake in shares of AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after buying an additional 3 shares during the period. Arrowroot Family Office LLC raised its stake in AutoZone by 5.4% in the fourth quarter. Arrowroot Family Office LLC now owns 59 shares of the company's stock worth $200,000 after buying an additional 3 shares in the last quarter. Pure Financial Advisors LLC lifted its holdings in AutoZone by 2.4% during the fourth quarter. Pure Financial Advisors LLC now owns 127 shares of the company's stock worth $430,000 after buying an additional 3 shares during the period. IVC Wealth Advisors LLC boosted its position in AutoZone by 2.9% during the 1st quarter. IVC Wealth Advisors LLC now owns 107 shares of the company's stock valued at $361,000 after acquiring an additional 3 shares in the last quarter. Finally, Petredis Investment Advisors LLC boosted its position in AutoZone by 0.4% during the 1st quarter. Petredis Investment Advisors LLC now owns 762 shares of the company's stock valued at $2,574,000 after acquiring an additional 3 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

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.

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