AutoZone (NYSE:AZO) Price Target Raised to $3,900.00

AutoZone (NYSE:AZO) had its price objective boosted by Barclays from $3,800.00 to $3,900.00 in a report released on Wednesday,MarketScreener reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages also recently weighed in on AZO. Wells Fargo & Company reduced their target price on AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating on the stock in a report on Wednesday, December 10th. Robert W. Baird cut AutoZone from an “outperform” rating to a “neutral” rating and set a $3,900.00 price target for the company. in a report on Monday, February 9th. Weiss Ratings restated a “hold (c+)” rating on shares of AutoZone in a research report on Monday, December 29th. Mizuho reaffirmed a “neutral” rating and issued a $3,550.00 price objective (down from $3,850.00) on shares of AutoZone in a research note on Monday, January 5th. Finally, UBS Group set a $4,800.00 target price on AutoZone in a research report on Tuesday. One investment 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. According to MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and an average price target of $4,311.57.

AutoZone Trading Down 2.7%

Shares of NYSE:AZO opened at $3,641.03 on Wednesday. The firm has a 50 day moving average of $3,621.83 and a 200-day moving average of $3,821.39. AutoZone has a 12 month low of $3,210.72 and a 12 month high of $4,388.11. The stock has a market capitalization of $60.33 billion, a PE ratio of 25.51, a PEG ratio of 1.92 and a beta of 0.41.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $27.59 by $0.04. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter last year, the business posted $28.29 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, research analysts predict that AutoZone will post 152.94 EPS for the current fiscal year.

Insider Transactions at AutoZone

In other news, VP Richard Craig Smith sold 5,910 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total value of $21,867,000.00. Following the completion of the transaction, the vice president owned 2,627 shares of the company’s stock, valued at $9,719,900. This represents a 69.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Earl G. Graves, Jr. sold 250 shares of AutoZone stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $3,295.00, for a total transaction of $823,750.00. Following the sale, the director owned 4,887 shares in the company, valued at approximately $16,102,665. This represents a 4.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders purchased 347 shares of company stock valued at $1,179,256 and sold 9,447 shares valued at $34,179,923. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Laurel Wealth Advisors LLC lifted its holdings in shares of AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after purchasing an additional 935,230 shares during the period. Norges Bank bought a new stake in shares of AutoZone in the fourth quarter worth $939,205,000. Vontobel Holding Ltd. increased its holdings in AutoZone by 277.3% in the third quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock valued at $440,037,000 after purchasing an additional 75,382 shares during the period. Morgan Stanley increased its holdings in AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after purchasing an additional 61,821 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

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.