AutoZone (NYSE:AZO) Stock Rated “Buy” in New Coverage at Bank of America

Bank of America began coverage on shares of AutoZone (NYSE:AZO) in a research note issued to investors on Monday. The firm set a “buy” rating and a $3,800.00 price target on the stock. Bank of America‘s price objective would indicate a potential upside of 16.54% from the company’s current price.

Several other analysts also recently issued reports on the company. TD Cowen cut their price objective on AutoZone from $3,500.00 to $3,400.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. BMO Capital Markets reduced their price target on shares of AutoZone from $4,000.00 to $3,500.00 and set an “outperform” rating for the company in a report on Wednesday, September 23rd. Sanford C. Bernstein initiated coverage on AutoZone in a report on Tuesday, September 29th. They set an “outperform” rating and a $3,698.00 price objective on the stock. Guggenheim lowered their price objective on AutoZone from $4,000.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. Finally, Morgan Stanley cut shares of AutoZone from an “overweight” rating to a “market perform” rating in a research note on Tuesday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3,674.36.

AutoZone Price Performance

NYSE:AZO traded up $59.97 during trading hours on Monday, reaching $3,260.73. 14,405 shares of the company traded hands, compared to its average volume of 258,729. AutoZone has a 1-year low of $2,730.65 and a 1-year high of $3,996.25. The firm’s 50-day moving average is $2,951.22 and its 200-day moving average is $3,122.08. The stock has a market cap of $53.25 billion, a P/E ratio of 21.34, a P/E/G ratio of 1.49 and a beta of 0.40.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, topping the consensus estimate of $0.54 by $55.51. The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the business earned $48.71 EPS. As a group, research analysts predict that AutoZone will post 170.72 earnings per share for the current year.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is owned by insiders.

Institutional Trading of AutoZone

A number of large investors have recently made changes to their positions in AZO. Benchmark Investment Advisors LLC acquired a new stake in AutoZone during the 2nd quarter valued at approximately $713,000. CYBER HORNET ETFs LLC increased its position in shares of AutoZone by 33,193.5% in the 2nd quarter. CYBER HORNET ETFs LLC now owns 15,315 shares of the company’s stock valued at $48,946,000 after purchasing an additional 15,269 shares during the last quarter. Nykredit A S purchased a new position in AutoZone during the 2nd quarter worth approximately $27,287,000. Bank of America Corp DE acquired a new stake in AutoZone during the 2nd quarter worth approximately $233,576,000. Finally, Engineers Gate Manager LP lifted its holdings in shares of AutoZone by 923.1% in the 2nd quarter. Engineers Gate Manager LP now owns 1,238 shares of the company’s stock valued at $3,957,000 after buying an additional 1,117 shares during the period. 92.74% of the stock is currently owned by institutional investors.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.