BMO Capital Markets Begins Coverage on AutoZone (NYSE:AZO)

BMO Capital Markets initiated coverage on shares of AutoZone (NYSE:AZO) in a research note published on Friday, Marketbeat reports. The firm issued an outperform rating and a $3,700.00 price objective on the stock.

A number of other brokerages also recently weighed in on AZO. BNP Paribas raised shares of AutoZone to a “strong-buy” rating in a research note on Wednesday, September 25th. Evercore ISI upped their target price on shares of AutoZone from $3,400.00 to $3,450.00 and gave the stock an “outperform” rating in a research report on Wednesday. Mizuho lifted their price target on AutoZone from $3,350.00 to $3,600.00 and gave the stock an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upped their price objective on shares of AutoZone from $3,450.00 to $3,750.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Morgan Stanley boosted their price target on shares of AutoZone from $3,038.00 to $3,125.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $3,360.47.

AutoZone Stock Up 0.9 %

Shares of NYSE AZO opened at $3,369.01 on Friday. The business has a 50-day simple moving average of $3,155.07 and a two-hundred day simple moving average of $3,065.08. AutoZone has a 52 week low of $2,510.00 and a 52 week high of $3,416.71. The company has a market cap of $56.95 billion, a P/E ratio of 22.51, a P/E/G ratio of 1.73 and a beta of 0.71.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $33.69 by ($1.17). The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.30 billion. AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $32.55 earnings per share. Equities research analysts anticipate that AutoZone will post 154.29 EPS for the current year.

Insider Activity

In related news, Chairman William C. Rhodes III sold 13,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the sale, the chairman now owns 13,857 shares in the company, valued at $43,055,777.55. This represents a 48.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Scott Murphy sold 1,580 shares of AutoZone stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the transaction, the vice president now owns 1,218 shares of the company’s stock, valued at $3,785,166.42. The trade was a 56.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,880 shares of company stock valued at $46,225,660. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On AutoZone

A number of institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC raised its stake in shares of AutoZone by 354,692.5% in the third quarter. International Assets Investment Management LLC now owns 993,419 shares of the company’s stock worth $31,293,100,000 after purchasing an additional 993,139 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of AutoZone during the 2nd quarter valued at about $424,000. Baillie Gifford & Co. grew its stake in shares of AutoZone by 2,714.8% in the second quarter. Baillie Gifford & Co. now owns 120,194 shares of the company’s stock worth $356,267,000 after acquiring an additional 115,924 shares during the period. The Manufacturers Life Insurance Company lifted its position in AutoZone by 186.8% during the third quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock valued at $292,544,000 after purchasing an additional 60,483 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in AutoZone by 319.0% in the second quarter. Squarepoint Ops LLC now owns 36,225 shares of the company’s stock worth $107,375,000 after purchasing an additional 27,580 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.