AutoZone, Inc. (NYSE:AZO) Stock Has Consensus Target Price of $3,669.12 According to Brokerages

Shares of AutoZone, Inc. (NYSE:AZO) have been given a consensus rating of “Moderate Buy” by the twenty-seven brokerages that are covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $3,669.12.

AZO has been the topic of a number of recent research reports. Weiss Ratings cut shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. The Goldman Sachs Group lowered their price target on shares of AutoZone from $4,096.00 to $3,917.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. Guggenheim lowered their price target on shares of AutoZone from $4,000.00 to $3,750.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. TD Cowen decreased their price objective on shares of AutoZone from $3,500.00 to $3,400.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. Finally, JPMorgan Chase & Co. lowered their target price on AutoZone from $3,850.00 to $3,700.00 and set an “overweight” rating for the company in a research note on Monday, September 28th.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $2,891.80 on Wednesday. The company has a market cap of $47.22 billion, a P/E ratio of 18.93, a PEG ratio of 1.35 and a beta of 0.40. AutoZone has a one year low of $2,730.65 and a one year high of $4,113.44. The business’s 50-day simple moving average is $2,940.79 and its 200 day simple moving average is $3,136.94.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, topping the consensus estimate of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same period in the previous year, the company posted $48.71 EPS. AutoZone’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts predict that AutoZone will post 171.50 earnings per share for the current year.

AutoZone declared that its board has approved a stock buyback program on Tuesday, June 16th that allows the company to buy back $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. The trade was a 76.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Several institutional investors and hedge funds have recently made changes to their positions in AZO. Salem Investment Counselors Inc. grew its position in shares of AutoZone by 7,160.0% during the third quarter. Salem Investment Counselors Inc. now owns 13,431 shares of the company’s stock worth $38,010,000 after buying an additional 13,246 shares in the last quarter. Signal Advisors Wealth LLC increased its position in shares of AutoZone by 29.0% in the 3rd quarter. Signal Advisors Wealth LLC now owns 702 shares of the company’s stock worth $1,987,000 after purchasing an additional 158 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of AutoZone by 4,261.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 32,403 shares of the company’s stock worth $91,701,000 after purchasing an additional 31,660 shares during the last quarter. Krilogy Financial LLC raised its stake in shares of AutoZone by 31,746.2% in the 3rd quarter. Krilogy Financial LLC now owns 33,120 shares of the company’s stock valued at $93,730,000 after purchasing an additional 33,016 shares in the last quarter. Finally, Mechanics Bank Trust Department lifted its position in shares of AutoZone by 32.0% during the third quarter. Mechanics Bank Trust Department now owns 99 shares of the company’s stock worth $280,000 after purchasing an additional 24 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.