Guggenheim Issues Positive Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO) had its target price raised by Guggenheim from $3,750.00 to $3,850.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Truist Financial raised their price target on AutoZone from $3,501.00 to $3,753.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Argus downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Wednesday. Barclays lifted their price target on shares of AutoZone from $3,024.00 to $3,585.00 and gave the stock an “overweight” rating in a research note on Thursday, January 9th. Morgan Stanley lifted their price target on shares of AutoZone from $3,490.00 to $3,750.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Citigroup lifted their price objective on AutoZone from $3,500.00 to $3,900.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3,646.62.

AutoZone Price Performance

Shares of AZO opened at $3,569.49 on Wednesday. The firm’s 50 day simple moving average is $3,351.07 and its 200 day simple moving average is $3,223.79. The company has a market capitalization of $59.90 billion, a P/E ratio of 23.85, a P/E/G ratio of 1.86 and a beta of 0.71. AutoZone has a 1-year low of $2,728.97 and a 1-year high of $3,570.50.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share for the quarter, missing analysts’ consensus estimates of $29.11 by ($0.82). The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.98 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. On average, equities analysts anticipate that AutoZone will post 152.94 earnings per share for the current year.

Hedge Funds Weigh In On AutoZone

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pittenger & Anderson Inc. increased its position in shares of AutoZone by 5.2% during the fourth quarter. Pittenger & Anderson Inc. now owns 61 shares of the company’s stock valued at $195,000 after buying an additional 3 shares during the period. Sound View Wealth Advisors Group LLC raised its holdings in AutoZone by 2.0% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 152 shares of the company’s stock worth $487,000 after purchasing an additional 3 shares in the last quarter. PDS Planning Inc raised its holdings in AutoZone by 2.3% in the fourth quarter. PDS Planning Inc now owns 132 shares of the company’s stock worth $423,000 after purchasing an additional 3 shares in the last quarter. Harbour Investments Inc. raised its holdings in AutoZone by 42.9% in the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock worth $32,000 after purchasing an additional 3 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its holdings in AutoZone by 0.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 371 shares of the company’s stock worth $1,188,000 after purchasing an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

About AutoZone

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.