AutoZone (NYSE:AZO) Price Target Raised to $4,300.00

AutoZone (NYSE:AZO) had its price target lifted by Citigroup from $4,200.00 to $4,300.00 in a research note published on Wednesday, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently commented on the company. Roth Mkm cut their target price on AutoZone from $4,650.00 to $4,526.00 and set a “buy” rating on the stock in a research note on Wednesday. TD Cowen reaffirmed a “buy” rating on shares of AutoZone in a research report on Monday, February 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of AutoZone in a research report on Monday, December 29th. BMO Capital Markets lowered their target price on shares of AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 10th. Finally, BNP Paribas Exane reduced their price target on shares of AutoZone from $4,811.00 to $4,268.00 and set an “outperform” rating for the company in a research note on Wednesday, December 10th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4,311.57.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,641.03 on Wednesday. The company has a 50-day simple moving average of $3,621.83 and a two-hundred day simple moving average of $3,821.39. The stock has a market capitalization of $60.33 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 1.92 and a beta of 0.41. AutoZone has a 52-week low of $3,210.72 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 EPS for the quarter, beating analysts’ consensus estimates of $27.59 by $0.04. The firm had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $4.31 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $28.29 earnings per share. As a group, equities research analysts forecast that AutoZone will post 152.94 EPS for the current fiscal year.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Brian Hannasch purchased 147 shares of AutoZone stock in a transaction dated Thursday, December 18th. The stock was purchased at an average price of $3,393.09 per share, with a total value of $498,784.23. Following the transaction, the director directly owned 962 shares of the company’s stock, valued at $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director George R. Mrkonic, Jr. sold 97 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the completion of the transaction, the director owned 3,564 shares in the company, valued at $11,910,852.36. This trade represents a 2.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders purchased 347 shares of company stock worth $1,179,256 and sold 9,447 shares worth $34,179,923. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On AutoZone

Several hedge funds and other institutional investors have recently modified their holdings of AZO. Laurel Wealth Advisors LLC lifted its position in AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock valued at $3,472,724,000 after purchasing an additional 935,230 shares in the last quarter. Norges Bank bought a new position in shares of AutoZone in the fourth quarter worth about $939,205,000. Vontobel Holding Ltd. raised its stake in shares of AutoZone by 277.3% in the third quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock worth $440,037,000 after buying an additional 75,382 shares during the period. Morgan Stanley lifted its position in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after buying an additional 74,555 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock valued at $263,832,000 after acquiring an additional 61,821 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

About AutoZone

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.