AutoZone, Inc. (NYSE:AZO) Given Average Recommendation of “Moderate Buy” by Analysts

AutoZone, Inc. (NYSE:AZO) has received an average rating of “Moderate Buy” from the thirty-two analysts that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation, twenty-four have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $4,310.12.

A number of equities research analysts recently issued reports on the company. Truist Financial lowered their price objective on AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating on the stock in a research note on Wednesday, December 10th. BMO Capital Markets lowered their price target on shares of AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 10th. Citigroup dropped their price target on shares of AutoZone from $4,775.00 to $4,200.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. JPMorgan Chase & Co. reduced their price objective on shares of AutoZone from $4,850.00 to $4,100.00 and set an “overweight” rating for the company in a research note on Thursday, December 18th. Finally, Erste Group Bank downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, October 31st.

AutoZone Trading Up 3.1%

NYSE:AZO opened at $3,417.62 on Monday. AutoZone has a 12 month low of $3,162.00 and a 12 month high of $4,388.11. The firm’s 50 day moving average is $3,617.96 and its 200 day moving average is $3,853.21. The stock has a market capitalization of $56.63 billion, a PE ratio of 23.83, a price-to-earnings-growth ratio of 1.57 and a beta of 0.42.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The firm had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.64 billion. AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $32.52 earnings per share. Research analysts predict that AutoZone will post 152.94 earnings per share for the current year.

AutoZone declared that its board has authorized a share buyback plan on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Brian Hannasch bought 147 shares of the stock in a transaction on Thursday, December 18th. The shares were acquired at an average cost of $3,393.09 per share, for a total transaction of $498,784.23. Following the purchase, the director directly owned 962 shares of the company’s stock, valued at $3,264,152.58. This trade represents a 18.04% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jamere Jackson purchased 55 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was purchased at an average cost of $3,413.50 per share, with a total value of $187,742.50. Following the completion of the acquisition, the chief financial officer owned 488 shares in the company, valued at approximately $1,665,788. This trade represents a 12.70% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 347 shares of company stock valued at $1,179,256 and sold 3,180 shares valued at $12,465,312. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

A number of institutional investors and hedge funds have recently made changes to their positions in AZO. Raleigh Capital Management Inc. bought a new position in AutoZone in the 3rd quarter worth about $26,000. Turning Point Benefit Group Inc. purchased a new position in shares of AutoZone during the third quarter worth about $25,000. Global Trust Asset Management LLC grew its holdings in shares of AutoZone by 600.0% during the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after purchasing an additional 6 shares in the last quarter. Aspect Partners LLC increased its position in shares of AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after purchasing an additional 7 shares during the last quarter. Finally, Salomon & Ludwin LLC purchased a new stake in AutoZone in the third quarter valued at approximately $34,000. Hedge funds and other 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.