AutoZone (NYSE:AZO) Upgraded at Zacks Research

AutoZone (NYSE:AZO) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the company. TD Cowen upped their target price on AutoZone from $4,300.00 to $4,900.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. Wolfe Research initiated coverage on AutoZone in a report on Thursday, September 18th. They issued an “outperform” rating and a $4,741.00 price objective for the company. DA Davidson set a $4,850.00 target price on shares of AutoZone in a report on Thursday, November 6th. Citigroup reduced their price target on shares of AutoZone from $4,900.00 to $4,775.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Finally, Wells Fargo & Company decreased their price target on shares of AutoZone from $4,800.00 to $4,700.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $4,547.56.

AutoZone Trading Up 2.5%

Shares of AutoZone stock opened at $3,948.70 on Monday. The company has a fifty day simple moving average of $3,953.43 and a 200-day simple moving average of $3,897.95. The stock has a market cap of $65.68 billion, a price-to-earnings ratio of 27.25, a PEG ratio of 1.75 and a beta of 0.37. AutoZone has a 12-month low of $3,076.44 and a 12-month high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The company had revenue of $6.24 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same period last year, the firm earned $51.58 earnings per share. AutoZone’s revenue was up .6% on a year-over-year basis. On average, analysts forecast that AutoZone will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has approved a share buyback program on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Transactions at AutoZone

In other news, SVP K. Michelle Borninkhof sold 300 shares of AutoZone stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the sale, the senior vice president owned 416 shares of the company’s stock, valued at $1,570,400. The trade was a 41.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of the stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the transaction, the chief executive officer directly owned 55 shares of the company’s stock, valued at $221,148.40. This represents a 97.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 5,693 shares of company stock worth $23,259,891. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Hedge funds and other institutional investors have recently bought and sold shares of the business. Brighton Jones LLC increased its position in shares of AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after buying an additional 14 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in AutoZone in the 1st quarter valued at about $221,000. Meeder Advisory Services Inc. increased its holdings in AutoZone by 4.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 389 shares of the company’s stock valued at $1,483,000 after acquiring an additional 18 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in AutoZone by 1,000.0% during the 1st quarter. Meeder Asset Management Inc. now owns 110 shares of the company’s stock valued at $419,000 after acquiring an additional 100 shares in the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in AutoZone during the first quarter worth about $160,000. Institutional investors and hedge funds 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.