Q3 2023 EPS Estimates for AutoZone, Inc. (NYSE:AZO) Increased by Analyst

AutoZone, Inc. (NYSE:AZOGet Rating) – Analysts at Jefferies Financial Group increased their Q3 2023 earnings per share estimates for AutoZone in a research note issued to investors on Monday, September 19th. Jefferies Financial Group analyst B. Jordan now anticipates that the company will post earnings of $30.79 per share for the quarter, up from their previous estimate of $30.39. Jefferies Financial Group has a “Buy” rating and a $2,450.00 price objective on the stock. The consensus estimate for AutoZone’s current full-year earnings is $122.78 per share. Jefferies Financial Group also issued estimates for AutoZone’s Q4 2023 earnings at $44.36 EPS, FY2023 earnings at $121.08 EPS, Q1 2024 earnings at $30.37 EPS, Q2 2024 earnings at $25.02 EPS, Q3 2024 earnings at $35.15 EPS, Q4 2024 earnings at $50.65 EPS and FY2024 earnings at $141.20 EPS.

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

A number of other research analysts have also commented on the company. Wells Fargo & Company upped their price target on AutoZone from $2,350.00 to $2,450.00 and gave the company an “overweight” rating in a research report on Friday, September 9th. Morgan Stanley raised AutoZone from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $2,125.00 to $2,420.00 in a research note on Thursday, June 16th. UBS Group boosted their price objective on shares of AutoZone from $2,100.00 to $2,260.00 and gave the company a “neutral” rating in a research report on Monday, September 12th. Stifel Nicolaus reaffirmed a “buy” rating and set a $2,450.00 target price on shares of AutoZone in a research note on Thursday. Finally, MKM Partners began coverage on shares of AutoZone in a research report on Thursday, June 23rd. They set a “buy” rating and a $2,350.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,356.53.

AutoZone Trading Down 1.0 %

AutoZone stock opened at $2,082.64 on Wednesday. The firm has a market cap of $40.59 billion, a P/E ratio of 17.72, a P/E/G ratio of 1.53 and a beta of 0.78. AutoZone has a 1-year low of $1,634.34 and a 1-year high of $2,362.24. The firm has a 50-day moving average of $2,185.96 and a 200-day moving average of $2,096.21.

Insider Buying and Selling at AutoZone

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

Institutional Trading of AutoZone

Institutional investors and hedge funds have recently modified their holdings of the business. Comprehensive Financial Consultants Institutional Inc. purchased a new position in shares of AutoZone during the fourth quarter valued at approximately $27,000. Riverview Trust Co bought a new stake in AutoZone in the 1st quarter worth approximately $27,000. Tcwp LLC purchased a new stake in AutoZone during the 1st quarter valued at $30,000. Kings Point Capital Management bought a new position in shares of AutoZone during the 1st quarter valued at $31,000. Finally, Johnson Financial Group Inc. purchased a new position in shares of AutoZone in the 4th quarter worth $36,000. Institutional investors own 92.90% of the company’s stock.

AutoZone Company Profile

(Get Rating)

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.

Further Reading

Earnings History and Estimates for AutoZone (NYSE:AZO)

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