FY2024 Earnings Forecast for AutoZone, Inc. (NYSE:AZO) Issued By DA Davidson

AutoZone, Inc. (NYSE:AZO – Get Rating) – DA Davidson dropped their FY2024 earnings estimates for shares of AutoZone in a report released on Wednesday, May 24th. DA Davidson analyst M. Baker now anticipates that the company will post earnings of $137.09 per share for the year, down from their previous estimate of $144.86. The consensus estimate for AutoZone’s current full-year earnings is $128.32 per share.

AZO has been the topic of a number of other research reports. Truist Financial lifted their price target on shares of AutoZone from $2,878.00 to $2,886.00 in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of AutoZone from $2,850.00 to $3,000.00 in a report on Monday, May 15th. 51job reiterated a “maintains” rating on shares of AutoZone in a report on Thursday, May 11th. The Goldman Sachs Group reduced their target price on shares of AutoZone from $2,899.00 to $2,840.00 in a report on Tuesday. Finally, Citigroup lifted their target price on shares of AutoZone from $2,782.00 to $3,125.00 in a report on Wednesday, May 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, AutoZone currently has an average rating of “Moderate Buy” and a consensus target price of $2,683.56.

AutoZone Stock Up 1.5 %

Shares of AZO opened at $2,459.75 on Friday. The firm has a market cap of $45.25 billion, a PE ratio of 20.22, a price-to-earnings-growth ratio of 1.68 and a beta of 0.68. The company’s fifty day moving average is $2,575.67 and its two-hundred day moving average is $2,499.14. AutoZone has a fifty-two week low of $1,959.58 and a fifty-two week high of $2,750.00.

AutoZone (NYSE:AZO – Get Rating) last released its earnings results on Tuesday, May 23rd. The company reported $34.12 EPS for the quarter, topping the consensus estimate of $30.84 by $3.28. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.12 billion. AutoZone had a net margin of 14.32% and a negative return on equity of 64.72%. AutoZone’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $29.03 EPS.

Institutional Investors Weigh In On AutoZone

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its position in shares of AutoZone by 0.7% during the 3rd quarter. BlackRock Inc. now owns 1,521,550 shares of the company’s stock valued at $3,259,055,000 after buying an additional 10,791 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of AutoZone by 5,037.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,392,892 shares of the company’s stock valued at $58,264,000 after buying an additional 1,365,781 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of AutoZone by 4.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,204,151 shares of the company’s stock valued at $2,969,654,000 after buying an additional 48,141 shares during the last quarter. Moneta Group Investment Advisors LLC grew its position in shares of AutoZone by 107,977.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 699,260 shares of the company’s stock valued at $1,724,500,000 after buying an additional 698,613 shares during the last quarter. Finally, Gateway Advisory LLC grew its position in shares of AutoZone by 250,309.8% during the 1st quarter. Gateway Advisory LLC now owns 535,877 shares of the company’s stock valued at $536,000 after buying an additional 535,663 shares during the last quarter. Institutional investors own 91.12% of the company’s stock.

Insiders Place Their Bets

In other news, CEO William C. Rhodes III sold 29,511 shares of the business’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $2,427.27, for a total value of $71,631,164.97. Following the completion of the sale, the chief executive officer now owns 14,825 shares of the company’s stock, valued at approximately $35,984,277.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Dennis W. Leriche sold 1,420 shares of the business’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $2,573.04, for a total value of $3,653,716.80. Following the completion of the sale, the vice president now owns 379 shares of the company’s stock, valued at approximately $975,182.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William C. Rhodes III sold 29,511 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $2,427.27, for a total transaction of $71,631,164.97. Following the completion of the sale, the chief executive officer now directly owns 14,825 shares of the company’s stock, valued at approximately $35,984,277.75. The disclosure for this sale can be found here. Insiders have sold 36,960 shares of company stock worth $90,128,092 in the last quarter. 2.59% of the stock is owned by corporate insiders.

About AutoZone

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AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells, and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.