TD Cowen Lowers AutoZone (NYSE:AZO) Price Target to $3,500.00

Key Points

• TD Cowen lowered AutoZone’s price target to $3,500 from $3,700 while maintaining a “buy” rating, implying 17.58% upside from the stock’s $2,976.61 price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $4,020.74, despite several firms also reducing their targets.
• AutoZone authorized a $1.5 billion share-repurchase program, allowing buybacks of up to 3% of outstanding shares; institutional investors own 92.74% of the company.

AutoZone (NYSE:AZO - Get Free Report) had its target price decreased by stock analysts at TD Cowen from $3,700.00 to $3,500.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's price objective suggests a potential upside of 17.58% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird cut their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. Barclays decreased their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a report on Tuesday, August 4th. BNP Paribas Exane dropped their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. Mizuho cut their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. reduced their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, AutoZone currently has a consensus rating of "Moderate Buy" and an average price target of $4,020.74.

AutoZone Price Performance

AutoZone stock traded up $14.65 during mid-day trading on Monday, reaching $2,976.61. 27,958 shares of the company were exchanged, compared to its average volume of 246,029. The firm has a market cap of $48.61 billion, a PE ratio of 20.46, a PEG ratio of 1.50 and a beta of 0.33. The company has a fifty day simple moving average of $3,045.07 and a 200-day simple moving average of $3,305.33. AutoZone has a 12 month low of $2,902.20 and a 12 month high of $4,388.11.

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

Insider Transactions at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction that occurred on 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 transaction, the vice president owned 441 shares of the company's stock, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AZO. Lazard Asset Management LLC increased its holdings in AutoZone by 6.2% during the second quarter. Lazard Asset Management LLC now owns 51 shares of the company's stock worth $189,000 after buying an additional 3 shares during the last quarter. Johnson Financial Group Inc. raised its position in AutoZone by 30.0% in the third quarter. Johnson Financial Group Inc. now owns 13 shares of the company's stock worth $56,000 after acquiring an additional 3 shares during the period. L2 Asset Management LLC boosted its stake in AutoZone by 4.0% in the third quarter. L2 Asset Management LLC now owns 78 shares of the company's stock valued at $335,000 after acquiring an additional 3 shares during the last quarter. Sigma Planning Corp boosted its stake in AutoZone by 3.6% in the fourth quarter. Sigma Planning Corp now owns 86 shares of the company's stock valued at $292,000 after acquiring an additional 3 shares during the last quarter. Finally, Midwest Trust Co grew its position in shares of AutoZone by 4.2% during the 4th quarter. Midwest Trust Co now owns 74 shares of the company's stock valued at $251,000 after acquiring an additional 3 shares during the period. 92.74% of the stock is currently owned by institutional investors.

AutoZone Company Profile

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.

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