FY2023 Earnings Estimate for AutoZone, Inc. Issued By Wedbush (NYSE:AZO)

AutoZone, Inc. (NYSE:AZOGet Rating) – Investment analysts at Wedbush reduced their FY2023 earnings per share (EPS) estimates for AutoZone in a note issued to investors on Tuesday, September 20th. Wedbush analyst S. Basham now forecasts that the company will earn $127.53 per share for the year, down from their previous forecast of $128.63. Wedbush currently has a “Outperform” rating and a $2,350.00 target price on the stock. The consensus estimate for AutoZone’s current full-year earnings is $122.78 per share. Wedbush also issued estimates for AutoZone’s FY2024 earnings at $142.68 EPS.

AutoZone (NYSE:AZOGet Rating) last released its quarterly earnings results on Monday, September 19th. The company reported $40.51 EPS for the quarter, beating analysts’ consensus estimates of $38.38 by $2.13. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $5.16 billion. AutoZone had a negative return on equity of 79.74% and a net margin of 14.95%. AutoZone’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $35.72 EPS.

Several other research analysts have also recently weighed in on the stock. Stephens boosted their price target on shares of AutoZone to $2,400.00 in a report on Tuesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $2,450.00 target price on shares of AutoZone in a report on Thursday. UBS Group increased their price target on AutoZone from $2,100.00 to $2,260.00 and gave the company a “neutral” rating in a research report on Monday, September 12th. JPMorgan Chase & Co. boosted their price objective on AutoZone from $2,550.00 to $2,660.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Citigroup raised their target price on AutoZone from $2,250.00 to $2,520.00 and gave the company a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2,356.53.

AutoZone Price Performance

NYSE AZO opened at $2,082.64 on Wednesday. The company has a fifty day moving average price of $2,185.96 and a 200-day moving average price of $2,096.21. AutoZone has a 1 year low of $1,634.34 and a 1 year high of $2,362.24. The firm has a market cap of $40.59 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 1.53 and a beta of 0.78.

Hedge Funds Weigh In On AutoZone

Large investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of AutoZone by 1.1% during the 4th quarter. BlackRock Inc. now owns 1,513,879 shares of the company’s stock valued at $3,173,680,000 after purchasing an additional 15,922 shares in the last quarter. JPMorgan Chase & Co. grew its position in AutoZone by 6.2% during the second quarter. JPMorgan Chase & Co. now owns 1,262,333 shares of the company’s stock worth $2,712,904,000 after buying an additional 73,582 shares in the last quarter. State Street Corp increased its stake in AutoZone by 1.9% in the 4th quarter. State Street Corp now owns 901,396 shares of the company’s stock worth $1,889,678,000 after acquiring an additional 16,973 shares during the last quarter. Boston Partners raised its holdings in shares of AutoZone by 2.7% in the 1st quarter. Boston Partners now owns 737,596 shares of the company’s stock valued at $1,509,438,000 after acquiring an additional 19,083 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of AutoZone by 368.0% during the 1st quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock valued at $841,242,000 after acquiring an additional 323,536 shares during the last quarter. 92.90% of the stock is currently owned by institutional investors.

Insider Transactions at AutoZone

In other news, VP Domingo Hurtado sold 395 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $2,217.53, for a total value of $875,924.35. Following the sale, the vice president now owns 362 shares of the company’s stock, valued at $802,745.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, VP Domingo Hurtado sold 395 shares of AutoZone stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $2,217.53, for a total value of $875,924.35. Following the completion of the transaction, the vice president now directly owns 362 shares in the company, valued at approximately $802,745.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William C. Rhodes III sold 2,958 shares of AutoZone stock in a transaction on Monday, July 18th. The shares were sold at an average price of $2,206.33, for a total value of $6,526,324.14. Following the completion of the transaction, the chief executive officer now owns 15,935 shares of the company’s stock, valued at $35,157,868.55. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

About AutoZone

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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, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs.

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Earnings History and Estimates for AutoZone (NYSE:AZO)

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