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

Key Points

• Truist Financial lowered AutoZone's price target from $4,504.00 to $4,499.00, indicating a potential upside of 6.46% from the previous close while maintaining a "buy" rating.
• AutoZone recently reported $48.71 earnings per share for the quarter, missing analysts' estimates of $50.52, with revenue slightly up by 0.6% year-over-year.
• Various analysts have mixed ratings on AutoZone, with three giving a Strong Buy rating, and a consensus target price of $4,507.83 among 22 analysts who rated the stock as a Buy.

AutoZone (NYSE:AZO - Get Free Report) had its price objective cut by analysts at Truist Financial from $4,504.00 to $4,499.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price objective points to a potential upside of 6.46% from the company's previous close.

Several other research firms also recently weighed in on AZO. Wolfe Research started coverage on shares of AutoZone in a research report on Thursday, September 18th. They set an "outperform" rating and a $4,741.00 price target for the company. Wells Fargo & Company reduced their price target on shares of AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating for the company in a research report on Wednesday. Cowen restated a "buy" rating on shares of AutoZone in a research report on Thursday, September 18th. Citigroup reduced their price target on shares of AutoZone from $4,900.00 to $4,775.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Barclays upped their price target on shares of AutoZone from $3,916.00 to $4,610.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $4,507.83.

AutoZone Price Performance

NYSE:AZO traded up $105.90 during mid-day trading on Wednesday, hitting $4,225.90. The company's stock had a trading volume of 65,751 shares, compared to its average volume of 130,194. The business's fifty day moving average is $4,050.08 and its two-hundred day moving average is $3,807.29. The stock has a market cap of $70.91 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 2.28 and a beta of 0.41. AutoZone has a 1 year low of $2,980.10 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). The firm had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%.The company's revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $51.58 EPS. Analysts anticipate that AutoZone will post 152.94 EPS for the current fiscal year.

Insider Transactions at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction on 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 transaction, the vice president directly owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.10% of the company's stock.

Institutional Trading of AutoZone

Several hedge funds and other institutional investors have recently made changes to their positions in AZO. AlphaCore Capital LLC purchased a new stake in shares of AutoZone in the first quarter valued at about $27,000. Saudi Central Bank purchased a new stake in shares of AutoZone in the first quarter valued at about $27,000. Aspect Partners LLC boosted its holdings in shares of AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company's stock valued at $30,000 after acquiring an additional 7 shares in the last quarter. Bank of Jackson Hole Trust purchased a new stake in AutoZone during the second quarter worth about $33,000. Finally, NewSquare Capital LLC boosted its holdings in AutoZone by 50.0% during the second quarter. NewSquare Capital LLC now owns 9 shares of the company's stock worth $33,000 after buying an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

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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