The Goldman Sachs Group Lowers AutoZone (NYSE:AZO) Price Target to $4,234.00

by · The Cerbat Gem

AutoZone (NYSE:AZO – Get Free Report) had its target price cut by The Goldman Sachs Group from $4,262.00 to $4,234.00 in a report issued on Wednesday,MarketScreener reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 23.21% from the stock’s current price.

AZO has been the subject of several other research reports. Citigroup reiterated a “buy” rating on shares of AutoZone in a research report on Thursday. Robert W. Baird started coverage on shares of AutoZone in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $4,500.00 price objective on the stock. Roth Capital reaffirmed a “buy” rating and issued a $4,650.00 target price (down from $4,750.00) on shares of AutoZone in a report on Wednesday. BNP Paribas Exane decreased their target price on shares of AutoZone from $4,811.00 to $4,268.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Gabelli reissued a “buy” rating on shares of AutoZone in a report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, AutoZone has a consensus rating of “Moderate Buy” and a consensus price target of $4,387.46.

Check Out Our Latest Report on AutoZone

AutoZone Trading Up 0.4%

AZO stock opened at $3,436.29 on Wednesday. The stock has a market cap of $57.15 billion, a P/E ratio of 23.93, a PEG ratio of 1.67 and a beta of 0.40. AutoZone has a twelve month low of $3,162.00 and a twelve month high of $4,388.11. The company’s 50 day moving average is $3,870.19 and its two-hundred day moving average is $3,899.19.

AutoZone (NYSE:AZO – Get Free Report) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The company had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.64 billion. During the same period last year, the firm earned $32.52 earnings per share. AutoZone’s revenue was up 8.2% on a year-over-year basis. On average, equities research analysts predict that AutoZone will post 152.94 earnings per share for the current year.

AutoZone declared that its board has authorized a share buyback program on Wednesday, October 8th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, SVP K. Michelle Borninkhof sold 300 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the sale, the senior vice president owned 416 shares of the company’s stock, valued at $1,570,400. The trade was a 41.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the completion of the transaction, the chief executive officer directly owned 55 shares of the company’s stock, valued at $221,148.40. The trade was a 97.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 5,693 shares of company stock worth $23,259,891 in the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of AutoZone

Large investors have recently modified their holdings of the business. Flputnam Investment Management Co. grew its position in shares of AutoZone by 3.2% in the first quarter. Flputnam Investment Management Co. now owns 96 shares of the company’s stock valued at $366,000 after purchasing an additional 3 shares during the period. McLean Asset Management Corp boosted its stake in AutoZone by 3.6% in the 2nd quarter. McLean Asset Management Corp now owns 87 shares of the company’s stock worth $320,000 after buying an additional 3 shares during the last quarter. NBC Securities Inc. boosted its stake in AutoZone by 0.9% in the 2nd quarter. NBC Securities Inc. now owns 347 shares of the company’s stock worth $1,288,000 after buying an additional 3 shares during the last quarter. Valeo Financial Advisors LLC grew its holdings in AutoZone by 4.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock valued at $267,000 after buying an additional 3 shares during the period. Finally, Ritholtz Wealth Management increased its stake in shares of AutoZone by 0.3% during the 2nd quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock valued at $4,377,000 after acquiring an additional 3 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Company Profile

(Get Free Report)

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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