AutoZone, Inc. (NYSE:AZO) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of AutoZone, Inc. (NYSE:AZO) have been assigned an average recommendation of “Moderate Buy” from the twenty-seven brokerages that are covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $4,040.8696.

AZO has been the subject of several research analyst reports. Jefferies Financial Group lowered their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Mizuho dropped their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Morgan Stanley cut their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Oppenheimer reaffirmed an “outperform” rating and set a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. Finally, Roth Mkm lowered their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th.

AutoZone Stock Down 0.0%

AZO opened at $3,158.56 on Monday. AutoZone has a twelve month low of $2,928.11 and a twelve month high of $4,388.11. The company has a fifty day moving average of $3,248.95 and a 200-day moving average of $3,444.13. The stock has a market cap of $51.58 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 1.60 and a beta of 0.33.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $35.36 earnings per share. Sell-side analysts anticipate that AutoZone will post 150.51 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has approved a stock repurchase program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch bought 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Earl G. Graves, Jr. sold 50 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the sale, the director owned 4,837 shares of the company’s stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC grew its stake in 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 acquiring an additional 14 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of AutoZone during the second quarter worth approximately $356,000. Guggenheim Capital LLC raised its position in shares of AutoZone by 3.8% during the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after purchasing an additional 9 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of AutoZone by 8.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after purchasing an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of AutoZone by 52.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after purchasing an additional 4,039 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

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.