TD Cowen Issues Pessimistic Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO) had its price objective cut by stock analysts at TD Cowen from $3,700.00 to $3,500.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 17.58% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Morgan Stanley decreased their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane reduced their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. BMO Capital Markets dropped their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Citigroup cut their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Evercore reiterated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4,020.74.

AutoZone Stock Performance

NYSE:AZO traded up $14.65 during trading hours on Monday, reaching $2,976.61. The stock had a trading volume of 27,958 shares, compared to its average volume of 246,029. The stock has a market cap of $48.61 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The stock has a 50 day simple moving average of $3,045.07 and a 200 day simple moving average of $3,305.33. AutoZone has a 12-month low of $2,902.20 and a 12-month high of $4,388.11.

AutoZone announced that its Board of Directors has authorized a stock buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone in the 3rd quarter valued at about $25,000. Transamerica Financial Advisors LLC grew its holdings in shares of AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after purchasing an additional 4 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of AutoZone during the second quarter worth about $29,000. MCF Advisors LLC increased its position in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares during the last quarter. Finally, Bard Associates Inc. bought a new position in shares of AutoZone in the fourth quarter worth approximately $31,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Company Profile

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.