JPMorgan Chase & Co. Forecasts Strong Price Appreciation for AutoZone (NYSE:AZO) Stock

AutoZone (NYSE:AZO) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $4,100.00 to $4,300.00 in a research note issued to investors on Thursday,MarketScreener reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 18.07% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Erste Group Bank lowered shares of AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, October 31st. Oppenheimer dropped their price objective on AutoZone from $4,600.00 to $4,150.00 and set an “outperform” rating for the company in a report on Friday, January 9th. Roth Mkm reaffirmed a “buy” rating and issued a $4,650.00 target price (down from $4,750.00) on shares of AutoZone in a research report on Wednesday, December 10th. Barclays set a $3,880.00 price target on AutoZone in a research report on Thursday, January 8th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $4,400.00 price objective on shares of AutoZone in a report on Wednesday, December 10th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $4,279.58.

AutoZone Stock Down 0.8%

Shares of NYSE:AZO traded down $29.86 during midday trading on Thursday, reaching $3,641.96. The company’s stock had a trading volume of 10,905 shares, compared to its average volume of 160,538. The firm has a market cap of $60.35 billion, a price-to-earnings ratio of 25.42, a price-to-earnings-growth ratio of 1.80 and a beta of 0.41. The business has a 50 day moving average price of $3,582.80 and a 200 day moving average price of $3,834.94. AutoZone has a 1 year low of $3,210.72 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same period in the previous year, the business posted $32.52 earnings per share. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts anticipate that AutoZone will post 152.94 earnings per share for the current fiscal year.

Insider Transactions at AutoZone

In other news, Director George R. Mrkonic, Jr. sold 97 shares of AutoZone stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the sale, the director owned 3,564 shares in the company, valued at $11,910,852.36. This trade represents a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael A. George bought 145 shares of AutoZone stock in a transaction dated Monday, December 22nd. The shares were purchased at an average cost of $3,398.13 per share, for a total transaction of $492,728.85. Following the completion of the transaction, the director owned 566 shares of the company’s stock, valued at approximately $1,923,341.58. This represents a 34.44% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 347 shares of company stock worth $1,179,256 and have sold 9,447 shares worth $34,179,923. 2.60% of the stock is owned by insiders.

Institutional Trading of AutoZone

Several large investors have recently modified their holdings of the business. Turning Point Benefit Group Inc. bought a new position in AutoZone in the third quarter worth about $25,000. Raleigh Capital Management Inc. acquired a new stake in shares of AutoZone during the 3rd quarter worth approximately $26,000. Torren Management LLC bought a new position in AutoZone during the 4th quarter worth $27,000. Transamerica Financial Advisors LLC grew its stake in AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after buying an additional 4 shares during the last quarter. Finally, Aspect Partners LLC increased its position in AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after buying an additional 7 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.