AutoZone (NYSE:AZO) Raised to “Outperform” at Oppenheimer

AutoZone (NYSE:AZO) was upgraded by stock analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday, Marketbeat.com reports. The brokerage currently has a $4,600.00 target price on the stock. Oppenheimer’s target price points to a potential upside of 22.47% from the company’s current price.

Other research analysts have also issued research reports about the company. Mizuho boosted their price target on AutoZone from $3,600.00 to $3,740.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 5th. Roth Mkm boosted their price objective on shares of AutoZone from $3,634.00 to $3,763.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Bank of America raised their target price on shares of AutoZone from $3,600.00 to $3,700.00 and gave the company a “neutral” rating in a research note on Wednesday, March 5th. UBS Group upped their price objective on AutoZone from $3,875.00 to $4,025.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Finally, Wedbush reiterated an “outperform” rating and set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $3,814.91.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,756.09 on Friday. AutoZone has a 52-week low of $2,728.97 and a 52-week high of $3,916.81. The business’s 50 day simple moving average is $3,623.06 and its 200 day simple moving average is $3,381.10. The firm has a market cap of $63.03 billion, a PE ratio of 25.09, a P/E/G ratio of 1.86 and a beta of 0.54.

AutoZone (NYSE:AZO) last released 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). AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.98 billion. As a group, equities research analysts predict that AutoZone will post 152.94 EPS for the current year.

Insider Buying and Selling

In related news, SVP Bailey L. Childress sold 160 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total value of $568,000.00. Following the completion of the transaction, the senior vice president now owns 50 shares of the company’s stock, valued at $177,500. This represents a 76.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Richard Craig Smith sold 2,850 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $3,610.00, for a total transaction of $10,288,500.00. Following the sale, the vice president now directly owns 2,924 shares in the company, valued at approximately $10,555,640. The trade was a 49.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,521 shares of company stock worth $42,177,331. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On AutoZone

A number of hedge funds and other institutional investors have recently bought and sold shares of AZO. Franklin Resources Inc. raised its holdings in AutoZone by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 44,946 shares of the company’s stock valued at $141,717,000 after buying an additional 6,898 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of AutoZone by 29.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 34,808 shares of the company’s stock valued at $111,455,000 after acquiring an additional 7,922 shares during the last quarter. Silverleafe Capital Partners LLC lifted its holdings in shares of AutoZone by 1.0% during the fourth quarter. Silverleafe Capital Partners LLC now owns 2,642 shares of the company’s stock worth $8,460,000 after purchasing an additional 26 shares during the period. Barclays PLC grew its stake in shares of AutoZone by 82.6% in the fourth quarter. Barclays PLC now owns 170,216 shares of the company’s stock worth $545,033,000 after purchasing an additional 77,015 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in AutoZone by 13.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 66,016 shares of the company’s stock valued at $211,383,000 after purchasing an additional 7,586 shares during the period. 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.