AutoZone, Inc. (NYSE:AZO – Get Rating) – Research analysts at Wedbush lowered their estimates of fiscal 2023 earnings per share for shares of AutoZone in a research note released to investors on Tuesday, September 20 was issued. Wedbush analyst S. Basham now expects the company to earn $127.53 per share for the year, down from its previous estimate of $128.63. Wedbush has an Outperform rating and a price target of $2,350.00 on the stock. The consensus estimate for AutoZone’s current full-year earnings is $115.12 per share. Wedbush also released estimates for AutoZone’s fiscal 2024 earnings of $142.68 per share.
AutoZone (NYSE:AZO – Get Rating) last announced its quarterly earnings data on Monday, September 19th. The company reported $40.51 per share for the quarter, beating analysts’ consensus estimate of $38.31 by $2.20. AutoZone had a net margin of 15.21% and a negative return on equity of 92.10%. The company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $5.16 billion. For the same period last year, the company posted earnings per share of $35.72. The company’s revenue rose 8.9% year over year.
A number of other equities research analysts also recently covered the company. JPMorgan Chase & Co. raised its target price on AutoZone to $2,660.00 from $2,550.00 and gave the stock an overweight rating in a research note Tuesday. Wells Fargo & Company increased its price target on AutoZone shares to $2,450.00 from $2,350.00 and gave the stock an overweight rating in a research report on Friday, September 9. Truist Financial lowered its target price 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. Morgan Stanley upgraded AutoZone from an “equal weight” rating to an “overweight” rating in a research note on Thursday, June 16, and raised the company’s price target to $2,420.00 from $2,125.00. Finally, on Thursday, June 23, MKM Partners began reporting on AutoZone in a report. They assigned a “buy” rating and a price target of $2,350.00 on the stock. One equities research analyst has rated the stock with a sell rating, three with a hold rating and fifteen with a buy rating. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $2,234.41.
AutoZone trades up 1.6%
NYSE:AZO shares opened at $2,131.47 on Wednesday. The company has a market cap of $41.54 billion, a price-to-earnings ratio of 18.91, a price-to-earnings ratio of 1.54 and a beta of 0.78. AutoZone has a 1-year low of $1,605.97 and a 1-year high of $2,362.24. The company has a 50-day simple moving average of $2,189.77 and a 200-day simple moving average of $2,094.34.
Hedge funds rely on AutoZone
Institutional investors and hedge funds have recently bought and sold shares in the company. Riverview Trust Co acquired a new interest in AutoZone in Q1 for approximately $27,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in AutoZone stock worth about $27,000 during the 4th quarter. Tcwp LLC acquired a new interest in AutoZone stock valued at approximately $30,000 during the first quarter. Kings Point Capital Management acquired a new stake in AutoZone stock valued at approximately $31,000 during the first quarter. Finally, Johnson Financial Group Inc. acquired a new position in AutoZone valued at approximately $36,000 during the fourth quarter. Institutional investors and hedge funds own 92.90% of the company’s shares.
Insider buying and selling at AutoZone
In other news, VP Domingo Hurtado sold 395 shares of AutoZone stock in a transaction on Friday, July 15th. The shares were sold at an average price of $2,217.53 for a total transaction of $875,924.35. Following the sale, the VP now directly owns 362 shares of the company’s stock valued at approximately $802,745.86. The sale was disclosed in a document filed with the SEC, available at this hyperlink. In related news, VP Domingo Hurtado sold 395 shares of the stock in a transaction on Friday, July 15. The shares were sold at an average price of $2,217.53 for a total transaction of $875,924.35. Upon completion of the sale, the Vice President now owns 362 shares of the company’s stock valued at approximately $802,745.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on 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 shares were sold at an average price of $2,206.33 for a total transaction of $6,526,324.14. Upon completion of the transaction, the Chief Executive Officer now 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.
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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