TD Cowen Cuts AutoZone (NYSE:AZO) Price Target to $3,500.00

AutoZone (NYSE:AZO) had its price target reduced by TD Cowen from $3,700.00 to $3,500.00 in a research note released on Monday morning, MarketBeat.com reports. TD Cowen currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Mizuho reduced their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. BNP Paribas Exane dropped their price objective 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. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. BMO Capital Markets decreased their target price 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. Finally, Citigroup lowered their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3,999.04.

AutoZone Stock Down 1.1%

NYSE:AZO opened at $2,933.26 on Monday. The stock’s 50-day simple moving average is $3,041.01 and its 200 day simple moving average is $3,289.17. The firm has a market capitalization of $47.90 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 1.48 and a beta of 0.34. AutoZone has a twelve month low of $2,902.20 and a twelve month high of $4,388.11.

AutoZone announced that its board has authorized a share buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction 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 completion of the transaction, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

Several institutional investors have recently modified their holdings of the business. Benchmark Investment Advisors LLC bought a new stake in AutoZone during the 2nd quarter valued at $713,000. Jupiter Asset Management Ltd. bought a new position in shares of AutoZone in the fourth quarter worth $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund boosted its holdings in shares of AutoZone by 15.2% in the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock worth $48,241,000 after acquiring an additional 1,882 shares during the period. CIBC Asset Management Inc grew its position in shares of AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Finally, BlackRock Inc. purchased a new position in shares of AutoZone in the second quarter valued at $3,938,566,000. Institutional investors own 92.74% of the company’s stock.

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.