AutoZone (NYSE:AZO) Stock Price Expected to Rise, Citigroup Analyst Says

Key Points

• Citigroup analysts raised the price target for AutoZone (NYSE: AZO) from $3,900 to $4,900, suggesting a potential upside of 17.12% from the current stock price.
• The consensus among research analysts indicates a strong positive outlook for AutoZone, with three analysts rating it as a Strong Buy and a consensus target price of $4,148.90.
• Despite the bullish forecasts, recent insider trading revealed significant sales of shares by company executives, indicating potential concerns about future performance.

AutoZone (NYSE:AZO - Get Free Report) had its price target raised by investment analysts at Citigroup from $3,900.00 to $4,900.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price indicates a potential upside of 17.12% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen raised shares of AutoZone from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. DA Davidson lifted their price target on shares of AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Evercore ISI lifted their price target on shares of AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a research note on Monday, August 18th. JPMorgan Chase & Co. lifted their price target on shares of AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Finally, Mizuho lifted their price target on shares of AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Three research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $4,148.90.

AutoZone Price Performance

Shares of AutoZone stock traded up $3.93 during trading hours on Wednesday, reaching $4,183.77. The company's stock had a trading volume of 25,579 shares, compared to its average volume of 129,009. The firm has a 50 day moving average price of $3,889.15 and a 200-day moving average price of $3,728.41. AutoZone has a one year low of $2,898.57 and a one year high of $4,229.68. The stock has a market cap of $70.20 billion, a P/E ratio of 28.31, a P/E/G ratio of 2.21 and a beta of 0.41.

Insider Activity

In other news, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the sale, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. The trade was a 64.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the completion of the sale, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This represents a 50.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,250 shares of company stock worth $116,321,123. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Several institutional investors and hedge funds have recently bought and sold shares of AZO. Brighton Jones LLC grew its holdings in AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after purchasing an additional 14 shares during the last quarter. Aptus Capital Advisors LLC grew its holdings in AutoZone by 2.3% in the fourth quarter. Aptus Capital Advisors LLC now owns 266 shares of the company's stock worth $852,000 after purchasing an additional 6 shares during the last quarter. Bank of America Corp DE grew its holdings in AutoZone by 18.7% in the fourth quarter. Bank of America Corp DE now owns 122,538 shares of the company's stock worth $392,367,000 after purchasing an additional 19,265 shares during the last quarter. Baird Financial Group Inc. grew its holdings in AutoZone by 2.2% in the fourth quarter. Baird Financial Group Inc. now owns 1,271 shares of the company's stock worth $4,072,000 after purchasing an additional 27 shares during the last quarter. Finally, Cary Street Partners Financial LLC purchased a new position in AutoZone in the fourth quarter worth $429,000. 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.

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