AutoZone (NYSE:AZO) Cut to “Neutral” at DA Davidson

AutoZone (NYSE:AZO) was downgraded by stock analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report released on Monday, Analyst Ratings Network reports. They currently have a $1,600.00 target price on the stock. DA Davidson’s target price would indicate a potential upside of 2.32% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Citigroup reaffirmed a “buy” rating and set a $1,636.00 price target (down previously from $1,700.00) on shares of AutoZone in a report on Wednesday, June 2nd. Royal Bank of Canada dropped their price objective on shares of AutoZone from $1,596.00 to $1,565.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 26th. Wedbush raised their target price on shares of AutoZone from $1,320.00 to $1,650.00 and gave the stock an “outperform” rating in a research note on Monday, May 17th. Raymond James cut shares of AutoZone from a “strong-buy” rating to an “outperform” rating and lifted their price objective for the company from $1,700.00 to $1,750.00 in a research report on Tuesday, July 27th. Finally, Morgan Stanley cut shares of AutoZone from an “overweight” rating to an “equal weight” rating and set a $1,650.00 price objective on the stock. in a research report on Friday, August 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $1,567.06.

Shares of AutoZone stock opened at $1,563.77 on Monday. The company has a 50-day moving average of $1,593.36 and a 200 day moving average of $1,477.12. The firm has a market cap of $33.69 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.46 and a beta of 0.94. AutoZone has a 1 year low of $1,085.85 and a 1 year high of $1,666.63.

In other news, VP Ronald B. Griffin sold 7,017 shares of the firm’s stock in a transaction dated Friday, July 16th. The stock was sold at an average price of $1,608.29, for a total transaction of $11,285,370.93. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William C. Rhodes III sold 14,535 shares of the firm’s stock in a transaction dated Thursday, July 1st. The stock was sold at an average price of $1,511.74, for a total value of $21,973,140.90. Following the sale, the chief executive officer now directly owns 33,491 shares in the company, valued at approximately $50,629,684.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,944 shares of company stock valued at $52,299,958. Company insiders own 2.80% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MAI Capital Management boosted its position in AutoZone by 1.5% during the second quarter. MAI Capital Management now owns 474 shares of the company’s stock worth $707,000 after purchasing an additional 7 shares in the last quarter. Berman Capital Advisors LLC raised its holdings in shares of AutoZone by 8.9% in the second quarter. Berman Capital Advisors LLC now owns 86 shares of the company’s stock worth $127,000 after acquiring an additional 7 shares during the last quarter. Penserra Capital Management LLC increased its stake in AutoZone by 16.3% in the first quarter. Penserra Capital Management LLC now owns 57 shares of the company’s stock valued at $80,000 after purchasing an additional 8 shares during the last quarter. Equitable Trust Co. increased its stake in AutoZone by 4.5% in the first quarter. Equitable Trust Co. now owns 186 shares of the company’s stock valued at $262,000 after purchasing an additional 8 shares during the last quarter. Finally, Dumont & Blake Investment Advisors LLC increased its stake in AutoZone by 1.2% in the second quarter. Dumont & Blake Investment Advisors LLC now owns 666 shares of the company’s stock valued at $994,000 after purchasing an additional 8 shares during the last quarter. Institutional investors own 87.65% of the company’s stock.

About AutoZone

AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.

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Analyst Recommendations for AutoZone (NYSE:AZO)

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