Wolfe Research cut shares of AutoZone, Inc. (NYSE:AZO) from a market perform rating to an underperform rating in a research note released on Monday morning.

Several other equities analysts also recently issued reports on AZO. Credit Suisse Group reiterated an outperform rating and set a $583.00 price objective (down from $658.00) on shares of AutoZone in a research report on Monday. TheStreet upgraded AutoZone from a d+ rating to a c rating in a research report on Wednesday, June 7th. Bank of America Corporation downgraded AutoZone from a buy rating to a neutral rating and reduced their price objective for the stock from $750.00 to $575.00 in a research report on Friday, July 7th. Morgan Stanley downgraded AutoZone from an overweight rating to an equal weight rating in a research report on Thursday, July 6th. Finally, Wedbush restated a neutral rating on shares of AutoZone in a research report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. AutoZone currently has an average rating of Hold and an average price target of $780.26.

Shares of AutoZone (NYSE AZO) opened at 502.56 on Monday. The firm has a market capitalization of $14.09 billion, a PE ratio of 11.61 and a beta of 0.62. The stock has a 50 day moving average price of $562.64 and a 200 day moving average price of $677.76. AutoZone has a 12-month low of $491.13 and a 12-month high of $818.00.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 23rd. The company reported $11.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $12.00 by $0.56. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.70 billion. AutoZone had a negative return on equity of 70.52% and a net margin of 11.82%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.77 earnings per share. Analysts predict that AutoZone will post $44.01 EPS for the current fiscal year.

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In other AutoZone news, VP William T. Giles sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $581.10, for a total transaction of $5,811,000.00. Following the sale, the vice president now directly owns 18,500 shares of the company’s stock, valued at approximately $10,750,350. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Earl G. Graves, Jr. sold 1,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $602.50, for a total transaction of $602,500.00. Following the sale, the director now directly owns 4,431 shares in the company, valued at $2,669,677.50. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Private Capital Management Inc. increased its stake in shares of AutoZone by 145.9% in the second quarter. Private Capital Management Inc. now owns 910 shares of the company’s stock valued at $519,000 after buying an additional 540 shares during the period. Manning & Napier Advisors LLC increased its stake in shares of AutoZone by 87.9% in the second quarter. Manning & Napier Advisors LLC now owns 100,483 shares of the company’s stock valued at $57,320,000 after buying an additional 47,003 shares during the period. US Bancorp DE increased its stake in shares of AutoZone by 1.4% in the second quarter. US Bancorp DE now owns 2,944 shares of the company’s stock valued at $1,679,000 after buying an additional 40 shares during the period. Prospera Financial Services Inc purchased a new stake in shares of AutoZone during the second quarter valued at about $938,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of AutoZone during the second quarter valued at about $271,000. 96.79% of the stock is currently owned by institutional investors.

AutoZone Company Profile

Autozone, Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company operates through the Auto Parts Locations segment. The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories. As of August 27, 2016, the Company operated through 5,814 locations in the United States, Puerto Rico, Mexico and Brazil.

Analyst Recommendations for AutoZone (NYSE:AZO)

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