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

Key Points

• Truist Financial has increased its price target for AutoZone from $4,038 to $4,504, maintaining a "buy" rating, which indicates a potential upside of 7.21% from its previous closing price.
• Other analysts have also raised their target prices, with Barclays setting a new target of $4,610 and Morgan Stanley adjusting theirs to $4,000, reflecting a generally positive outlook for the stock.
• Despite an overall bullish sentiment, AutoZone's stock recently dipped by 0.5%, trading at $4,200.96, with significant recent insider sales reported.

AutoZone (NYSE:AZO - Free Report) had its price objective upped by Truist Financial from $4,038.00 to $4,504.00 in a research report sent to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on AZO. UBS Group lifted their target price on AutoZone from $4,260.00 to $4,925.00 and gave the company a "buy" rating in a research report on Thursday, September 11th. Guggenheim lifted their target price on AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Barclays boosted their price target on AutoZone from $3,916.00 to $4,610.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Wells Fargo & Company boosted their price target on AutoZone from $4,200.00 to $4,800.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Finally, Citigroup lifted their price objective on AutoZone from $3,900.00 to $4,900.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $4,399.18.

AutoZone Stock Performance

NYSE AZO traded down $0.11 during trading hours on Wednesday, reaching $4,132.72. 184,590 shares of the company's stock were exchanged, compared to its average volume of 108,356. The company has a market capitalization of $69.35 billion, a price-to-earnings ratio of 27.97, a price-to-earnings-growth ratio of 2.18 and a beta of 0.41. AutoZone has a one year low of $2,898.57 and a one year high of $4,388.11. The company's 50-day moving average is $4,034.29 and its two-hundred day moving average is $3,800.20.

Insider Activity at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the transaction, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Several institutional investors have recently modified their holdings of the company. Valeo Financial Advisors LLC increased its position in shares of AutoZone by 21.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 84 shares of the company's stock valued at $312,000 after purchasing an additional 15 shares during the last quarter. SevenBridge Financial Group LLC lifted its stake in shares of AutoZone by 71.2% in the 2nd quarter. SevenBridge Financial Group LLC now owns 673 shares of the company's stock valued at $2,692,000 after purchasing an additional 280 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of AutoZone by 130.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,000 shares of the company's stock valued at $7,419,000 after purchasing an additional 1,132 shares during the period. MASTERINVEST Kapitalanlage GmbH purchased a new position in shares of AutoZone in the 2nd quarter valued at approximately $2,469,000. Finally, Stance Capital LLC purchased a new position in shares of AutoZone in the 2nd quarter valued at approximately $1,492,000. 92.74% of the stock is currently owned by institutional investors.

About AutoZone

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.