Analysts Set AutoZone, Inc. (NYSE:AZO) PT at $4,342.84

AutoZone, Inc. (NYSE:AZO) has been given a consensus recommendation of “Moderate Buy” by the thirty-two analysts that are currently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $4,330.84.

Several research firms recently weighed in on AZO. The Goldman Sachs Group dropped their price objective on shares of AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. Wolfe Research downgraded AutoZone from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, December 16th. Cowen reaffirmed a “buy” rating on shares of AutoZone in a research note on Thursday, September 18th. BNP Paribas Exane lowered their price objective on AutoZone from $4,811.00 to $4,268.00 and set an “outperform” rating for the company in a research report on Wednesday, December 10th. Finally, BMO Capital Markets cut 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 report on Wednesday, December 10th.

AutoZone Stock Up 2.4%

AutoZone stock opened at $3,321.89 on Monday. The stock has a 50-day simple moving average of $3,631.11 and a 200 day simple moving average of $3,859.02. The stock has a market capitalization of $55.04 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 1.54 and a beta of 0.42. AutoZone has a 12-month low of $3,162.00 and a 12-month high of $4,388.11.

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

AutoZone announced that its Board of Directors has approved a stock repurchase plan on Wednesday, October 8th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Brian Hannasch purchased 147 shares of AutoZone stock in a transaction dated Thursday, December 18th. The shares were acquired at an average cost of $3,393.09 per share, for a total transaction of $498,784.23. Following the transaction, the director directly owned 962 shares of the company’s stock, valued at approximately $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Earl G. Graves, Jr. sold 250 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $3,295.00, for a total value of $823,750.00. Following the completion of the sale, the director owned 4,887 shares of the company’s stock, valued at $16,102,665. This represents a 4.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have acquired 347 shares of company stock worth $1,179,256 and have sold 3,180 shares worth $12,465,312. Company insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in AutoZone by 1.5% in the third quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company’s stock valued at $7,711,912,000 after purchasing an additional 26,544 shares in the last quarter. Laurel Wealth Advisors LLC increased its position in shares of AutoZone by 371,123.0% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock valued at $3,472,724,000 after buying an additional 935,230 shares in the last quarter. State Street Corp raised its stake in AutoZone by 1.6% during the 2nd quarter. State Street Corp now owns 714,091 shares of the company’s stock worth $2,650,870,000 after buying an additional 11,088 shares during the period. Geode Capital Management LLC lifted its holdings in AutoZone by 1.9% during the second quarter. Geode Capital Management LLC now owns 444,671 shares of the company’s stock worth $1,649,228,000 after acquiring an additional 8,187 shares in the last quarter. Finally, PineStone Asset Management Inc. grew its stake in AutoZone by 3.9% in the second quarter. PineStone Asset Management Inc. now owns 281,693 shares of the company’s stock valued at $1,045,709,000 after acquiring an additional 10,456 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.