Truist Financial Lowers AutoZone (NYSE:AZO) Price Target to $3,341.00

AutoZone (NYSE:AZO) had its price objective decreased by analysts at Truist Financial from $3,394.00 to $3,341.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 4.68% from the stock’s current price.

Several other equities research analysts have also commented on AZO. Evercore ISI dropped their price objective on shares of AutoZone from $3,900.00 to $3,350.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Morgan Stanley increased their price target on shares of AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a report on Wednesday. StockNews.com cut shares of AutoZone from a “buy” rating to a “hold” rating in a report on Saturday, September 21st. Guggenheim increased their price target on shares of AutoZone from $3,150.00 to $3,225.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Wedbush reiterated an “outperform” rating and set a $3,200.00 price target on shares of AutoZone in a report on Thursday, September 19th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3,169.38.

AutoZone Price Performance

NYSE:AZO opened at $3,191.56 on Wednesday. AutoZone has a one year low of $2,375.35 and a one year high of $3,256.37. The company’s 50-day simple moving average is $3,111.58 and its 200 day simple moving average is $3,010.06. The firm has a market capitalization of $54.51 billion, a P/E ratio of 21.49, a PEG ratio of 1.43 and a beta of 0.71.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing the consensus estimate of $53.31 by ($5.20). AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The business had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same period in the previous year, the firm earned $46.46 EPS. The company’s revenue was up 9.0% on a year-over-year basis. On average, equities research analysts expect that AutoZone will post 151.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AZO. Boston Partners raised its position in AutoZone by 1.7% in the first quarter. Boston Partners now owns 382,169 shares of the company’s stock worth $1,202,596,000 after acquiring an additional 6,226 shares during the period. PineStone Asset Management Inc. raised its position in AutoZone by 137.6% in the second quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock worth $918,998,000 after acquiring an additional 179,543 shares during the period. Parnassus Investments LLC raised its position in AutoZone by 32.0% in the fourth quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock worth $629,780,000 after acquiring an additional 58,989 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in AutoZone by 11.8% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 212,831 shares of the company’s stock worth $550,296,000 after acquiring an additional 22,507 shares during the period. Finally, Nordea Investment Management AB raised its position in AutoZone by 4.1% in the first quarter. Nordea Investment Management AB now owns 203,072 shares of the company’s stock worth $643,641,000 after acquiring an additional 7,988 shares during the period. 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.