AutoZone AZO Downgraded to Hold by StockNews.com Analysts

AutoZone AZO, a leading retailer of automotive parts and accessories in the United States, has experienced a change in its stock rating from the analysts at StockNews.com. The company, which is known for its extensive selection of aftermarket automotive products, was previously rated as a "buy" but has now been adjusted to a "hold" position. This revision was issued in an investor note released on Friday, reflecting a more cautious stance on the stock's investment potential at the current time.

Analyst Ratings and Price Objectives

While the downgrade from StockNews.com signifies a shift in perspective, this is just one among several analyses provided by various brokerage firms. Argus increased their price objective on AZO shares, moving from $2,775.00 to $2,920.00 and maintaining a "buy" rating. Similarly, Wedbush reiterated an "outperform" rating, setting a target price of $2,750.00. DA Davidson also altered their price target, raising it from $2,425.00 to $2,500.00, and Barclays escalated their target from $2,721.00 to $2,742.00, both additionally giving the stock an "overweight" rating. JPMorgan Chase & Co. nudged their price objective from $2,950.00 to $2,975.00, upholding an "overweight" rating as well. Overall, despite the recent downgrade to "hold," AutoZone still holds a "Moderate Buy" consensus rating and a consensus target price of $2,793.95 according to MarketBeat's compiled data from various analysts.

Insider Transactions and Hedge Fund Activity

Recent insider trading activity has been reported with senior vice president Preston Frazer selling 6,754 shares at an average price of $2,476.97, amounting to a total transaction value of $16,729,455.38. Following this sale, Frazer now holds 709 shares in the company, with a value of approximately $1,756,171.73. In another transaction, vice president Domingo Hurtado sold 2,950 shares at an average price of $2,640.84, totaling $7,790,478.00. These and other transactions are documented in filings with the Securities and Exchange Commission (SEC).

In the hedge fund realm, several institutions have been adjusting their holdings in AZO. For instance, RB Capital Management LLC initiated a new stake valued at around $274,000. Fairfield Bush & Co. started a new position worth approximately $57,000, while Roundview Capital LLC increased its share count by 8.1%. Additionally, Cetera Advisor Networks LLC and Sei Investments Co. expanded their investments in AutoZone, with their ownership in the company reflecting the ongoing confidence from the investment community. Notably, hedge funds and other institutional investors own about 90.34% of AutoZone's stock.

About AutoZone

AutoZone, Inc. AZO engages in the retail and distribution of automotive replacement parts and accessories. The company offers a broad spectrum of products suitable for cars, sport utility vehicles, vans, and light trucks, which covers both new and remanufactured automotive hard parts, maintenance items, and accessories. Its extensive product line includes items such as A/C compressors, batteries, belts, brakes, and tires, catering to the diverse needs of its customer base. The company's commitment to providing quality parts and exceptional service has established it as the largest aftermarket automotive parts retailer in the United States.

AutoZone, Downgrade, Hold