Citigroup Lowers AutoZone (NYSE:AZO) Price Target to $3,250.00

AutoZone (NYSE:AZO - Get Free Report) had its price target lowered by investment analysts at Citigroup from $3,420.00 to $3,250.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective indicates a potential upside of 17.22% from the stock's previous close.

Several other analysts also recently issued reports on the company. Barclays boosted their price target on AutoZone from $2,779.00 to $3,100.00 and gave the company an "overweight" rating in a research note on Thursday, February 29th. Morgan Stanley dropped their price objective on AutoZone from $3,100.00 to $3,038.00 and set an "overweight" rating for the company in a report on Wednesday. Wedbush dropped their price objective on AutoZone from $3,400.00 to $3,200.00 and set an "outperform" rating for the company in a report on Wednesday. Mizuho dropped their price objective on AutoZone from $3,450.00 to $3,280.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Wolfe Research lowered their price target on AutoZone from $3,150.00 to $3,000.00 and set an "outperform" rating for the company in a report on Wednesday. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $3,058.17.

AutoZone Stock Performance

NYSE:AZO traded down $48.19 on Wednesday, reaching $2,772.64. The company's stock had a trading volume of 231,709 shares, compared to its average volume of 154,965. AutoZone has a 1-year low of $2,277.88 and a 1-year high of $3,256.37. The business's 50-day moving average price is $3,029.12 and its two-hundred day moving average price is $2,827.17. The firm has a market cap of $48.02 billion, a PE ratio of 19.49, a PEG ratio of 1.45 and a beta of 0.72.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 21st. The company reported $36.69 EPS for the quarter, topping analysts' consensus estimates of $35.67 by $1.02. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.29 billion. AutoZone had a negative return on equity of 56.06% and a net margin of 14.70%. AutoZone's revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $34.12 earnings per share. As a group, sell-side analysts expect that AutoZone will post 152.36 EPS for the current year.

Insider Buying and Selling

In related news, Chairman William C. Rhodes III sold 6,700 shares of the company's stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $3,190.22, for a total transaction of $21,374,474.00. Following the transaction, the chairman now directly owns 15,357 shares of the company's stock, valued at approximately $48,992,208.54. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $2,997.76, for a total transaction of $8,993,280.00. Following the transaction, the vice president now directly owns 2,921 shares of the company's stock, valued at approximately $8,756,456.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman William C. Rhodes III sold 6,700 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $3,190.22, for a total value of $21,374,474.00. Following the completion of the sale, the chairman now directly owns 15,357 shares of the company's stock, valued at $48,992,208.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,990 shares of company stock valued at $50,335,193. 2.50% of the stock is owned by company insiders.

Institutional Trading of AutoZone

Several institutional investors and hedge funds have recently modified their holdings of the stock. Atria Investments Inc raised its stake in shares of AutoZone by 6.2% in the first quarter. Atria Investments Inc now owns 2,347 shares of the company's stock worth $7,397,000 after purchasing an additional 136 shares during the last quarter. Swedbank AB purchased a new stake in shares of AutoZone during the first quarter valued at approximately $49,339,000. Sanibel Captiva Trust Company Inc. increased its position in shares of AutoZone by 2.2% during the first quarter. Sanibel Captiva Trust Company Inc. now owns 3,566 shares of the company's stock valued at $11,239,000 after acquiring an additional 76 shares during the last quarter. Delphi Management Inc. MA increased its position in shares of AutoZone by 9.0% during the first quarter. Delphi Management Inc. MA now owns 412 shares of the company's stock valued at $1,298,000 after acquiring an additional 34 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of AutoZone during the first quarter valued at approximately $4,355,000. 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.