AutoZone (NYSE:AZO) Cut to Neutral at Robert W. Baird

Robert W. Baird cut shares of AutoZone (NYSE:AZO) from an outperform rating to a neutral rating in a research report sent to investors on Monday morning, MarketBeat.com reports. The firm currently has $3,900.00 target price on the stock.

A number of other research analysts have also recently commented on the company. The Goldman Sachs Group increased their target price on AutoZone from $4,234.00 to $4,274.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Truist Financial lowered their price objective on shares of AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Raymond James Financial decreased their price objective on AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating on the stock in a report on Wednesday, December 10th. Jefferies Financial Group restated a “buy” rating and set a $4,400.00 price target on shares of AutoZone in a research report on Wednesday, December 10th. Finally, Wells Fargo & Company dropped their price objective on AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating for the company in a research note on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4,271.25.

AutoZone Price Performance

NYSE AZO opened at $3,737.75 on Monday. The stock has a market capitalization of $61.93 billion, a PE ratio of 26.07, a P/E/G ratio of 1.74 and a beta of 0.41. AutoZone has a 1 year low of $3,210.72 and a 1 year high of $4,388.11. The company’s 50 day simple moving average is $3,539.34 and its two-hundred day simple moving average is $3,845.68.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $32.52 EPS. On average, research analysts anticipate that AutoZone will post 152.94 EPS for the current year.

Insider Activity

In other AutoZone news, Director Michael A. George bought 145 shares of AutoZone stock in a transaction dated Monday, December 22nd. The shares were purchased at an average cost of $3,398.13 per share, with a total value of $492,728.85. Following the transaction, the director directly owned 566 shares of the company’s stock, valued at $1,923,341.58. This represents a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Richard Craig Smith sold 5,910 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total value of $21,867,000.00. Following the completion of the sale, the vice president directly owned 2,627 shares in the company, valued at approximately $9,719,900. This represents a 69.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have purchased 347 shares of company stock worth $1,179,256 and have sold 9,447 shares worth $34,179,923. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

Several institutional investors have recently bought and sold shares of the company. Laurel Wealth Advisors LLC lifted its stake in shares of AutoZone by 371,123.0% in the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after buying an additional 935,230 shares in the last quarter. Norges Bank bought a new position in AutoZone in the 4th quarter valued at approximately $939,205,000. Vontobel Holding Ltd. boosted its stake in AutoZone by 277.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock valued at $440,037,000 after purchasing an additional 75,382 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of AutoZone by 387.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after purchasing an additional 61,821 shares in the last quarter. Finally, Evelyn Partners Investment Management Services Ltd raised its stake in shares of AutoZone by 1,185.5% in the second quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company’s stock worth $240,126,000 after purchasing an additional 59,653 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.