AutoZone (NYSE:AZO – Get Rating) The target price was raised to $2,400.00 by Stephens investment analysts in a note issued to investors Tuesday, Stock Target Advisor reports. Stephens’ price target indicates a potential upside of 12.60% from the company’s current price.
A number of other analysts also recently issued reports on the company. Truist Financial lowered its price target on AutoZone to $2,174.00 from $2,215.00 and gave the company a buy rating in a research note on Wednesday, May 25. Goldman Sachs Group upgraded shares of AutoZone from a “neutral” rating to a “buy” rating and raised its price target on the stock to $2,296.00 from $1,969.00 in a research report on Monday, March 27 June. Wedbush raised its price target on AutoZone shares to $2,350.00 from $2,250.00 and gave the company an outperform rating in a report Tuesday. Morgan Stanley raised shares of AutoZone from an “Equal Weight” rating to an “Overweight” rating and raised its target price for the company to $2,420.00 from $2,125.00 in a research note on Thursday, June 16 $ increased. Finally, Wells Fargo & Company raised its price target for AutoZone shares to $2,450.00 from $2,350.00 and rated the company as “overweight” in a research report on Friday, September 9th. One investment analyst has rated the stock with a sell rating, three have given it a hold rating and fifteen have given it a buy rating. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $2,234.41.
AutoZone stock performance
NYSE:AZO shares rose $33.88 on Tuesday afternoon to hit $2,131.47. The company’s shares had a trading volume of 253,378 shares compared to an average volume of 179,328. AutoZone has a 12-month low of $1,605.97 and a 12-month high of $2,362.24. The company has a market cap of $41.54 billion, a P/E of 18.91, a price-to-earnings-to-growth ratio of 1.54 and a beta of 0.78. The company’s 50-day simple moving average is $2,189.77 and its 200-day simple moving average is $2,094.34.
AutoZone (NYSE:AZO – Get Rating) last reported its earnings results on Monday, September 19th. The company reported earnings per share of $40.51 for the quarter, beating the consensus estimate of $38.31 by $2.20. AutoZone had a negative return on equity of 92.10% and a net margin of 15.21%. The company made $5.35 billion in revenue for the quarter, compared to analysts’ expectations of $5.16 billion. In the same period last year, the company posted $35.72 per share. The company’s revenue for the quarter increased 8.9% compared to the same quarter last year. On average, sell-side analysts are forecasting that AutoZone will report earnings per share of $115.12 for the current fiscal year.
In other AutoZone news, VP Domingo Hurtado sold 395 shares of the company’s stock in a transaction that took place on Friday, July 15th. The shares sold at an average price of $2,217.53 for a total value of $875,924.35. Upon completion of the transaction, the Vice President now owns 362 shares of the Company, valued at approximately $802,745.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other AutoZone news, VP Domingo Hurtado sold 395 shares of the stock in a transaction on Friday, July 15. The stock 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 approximately $802,745.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC’s website. Also, CEO William C. Rhodes III sold 2,958 shares of the company’s stock in a transaction on Monday, July 18. The stock sold at an average price of $2,206.33 for a total value of $6,526,324.14. Following the transaction, the Chief Executive Officer now directly owns 15,935 shares of the Company, valued at $35,157,868.55. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Institutional investors rely on AutoZone
Hedge funds and other institutional investors recently changed their holdings in the company. The Royal Bank of Canada increased its stake in AutoZone by 368.0% in the first quarter. The Royal Bank of Canada now owns 411,450 shares of the company valued at $841,242,000 after purchasing an additional 323,536 shares last quarter. Norges Bank acquired a new stake in AutoZone in the fourth quarter for approximately $420,100,000. JPMorgan Chase & Co. added 13.9% to its stake in AutoZone in the first quarter. JPMorgan Chase & Co. now owns 1,188,751 shares of the company’s stock valued at $2,430,495,000 after purchasing an additional 144,984 shares last quarter. Aaron Wealth Advisors LLC acquired a new position in AutoZone valued at approximately $39,000 during the first quarter. Finally, Marshall Wace LLP increased its stake in AutoZone by 1,730.2% during the fourth quarter. Marshall Wace LLP now owns 76,099 shares of the company’s shares valued at $159,533,000 after purchasing an additional 71,941 shares last quarter. 92.90% of the shares are currently owned by institutional investors and hedge funds.
AutoZone Company Profile
AutoZone, Inc sells and distributes automotive replacement parts and accessories. The Company offers a variety of products for passenger cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hardware, maintenance items, accessories and non-automotive products. Products include air conditioning 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 more water pumps as well tire repairs.
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