AutoZone (AZO) Stock Rating Reaffirmed by Barclays
A number of other equities research analysts also recently issued reports on the company. Bank of America downgraded AutoZone from a buy rating to a neutral rating and set a $830.00 price objective on the stock. in a research report on Monday, September 17th. Wells Fargo & Co increased their price objective on AutoZone from $800.00 to $850.00 and gave the stock a positive rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Royal Bank of Canada lowered their price objective on AutoZone from $779.00 to $775.00 and set a sector perform rating on the stock in a research report on Wednesday, September 19th. Zacks Investment Research upgraded AutoZone from a hold rating to a buy rating and set a $860.00 price objective on the stock in a research report on Tuesday, August 28th. Finally, JPMorgan Chase & Co. increased their price objective on AutoZone to $880.00 and gave the stock an overweight rating in a research report on Wednesday, September 19th. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. AutoZone presently has a consensus rating of Buy and an average price target of $846.77.
AutoZone stock opened at $880.07 on Wednesday. AutoZone has a one year low of $590.76 and a one year high of $894.37. The firm has a market capitalization of $22.49 billion, a PE ratio of 17.48, a P/E/G ratio of 1.23 and a beta of 0.89.
AutoZone announced that its board has authorized a share buyback plan on Wednesday, September 26th that permits the company to buyback $1.25 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other AutoZone news, insider William W. Graves sold 18,900 shares of the firm’s stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $776.37, for a total transaction of $14,673,393.00. Following the sale, the insider now owns 3,450 shares in the company, valued at $2,678,476.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Charles Pleas III sold 9,500 shares of the firm’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $759.85, for a total value of $7,218,575.00. Following the sale, the vice president now owns 13,862 shares in the company, valued at approximately $10,533,040.70. The disclosure for this sale can be found here. Insiders have sold 60,487 shares of company stock worth $46,667,608 in the last 90 days. Company insiders own 2.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Great Lakes Advisors LLC raised its position in AutoZone by 1.0% during the third quarter. Great Lakes Advisors LLC now owns 2,037 shares of the company’s stock valued at $1,580,000 after purchasing an additional 20 shares in the last quarter. Clearbridge Investments LLC raised its position in AutoZone by 74.7% during the third quarter. Clearbridge Investments LLC now owns 187,749 shares of the company’s stock valued at $145,637,000 after purchasing an additional 80,296 shares in the last quarter. Standard Life Aberdeen plc raised its position in AutoZone by 310.8% during the third quarter. Standard Life Aberdeen plc now owns 53,927 shares of the company’s stock valued at $41,830,000 after purchasing an additional 40,799 shares in the last quarter. Sawgrass Asset Management LLC increased its holdings in shares of AutoZone by 54.4% in the third quarter. Sawgrass Asset Management LLC now owns 50,591 shares of the company’s stock worth $39,243,000 after buying an additional 17,830 shares during the period. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of AutoZone by 50.7% in the third quarter. TIAA CREF Investment Management LLC now owns 149,691 shares of the company’s stock worth $116,115,000 after buying an additional 50,369 shares during the period. Institutional investors and hedge funds own 92.10% of the company’s stock.
AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
Featured Article: What is a Stop Order?
Receive News & Ratings for AutoZone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AutoZone and related companies with MarketBeat.com's FREE daily email newsletter.