AutoZone (AZO) PT Raised to $940.00 at Argus

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AutoZone (NYSE:AZO) had its target price hoisted by Argus from $818.00 to $940.00 in a report released on Thursday, The Fly reports. The brokerage presently has a “buy” rating on the stock. Argus’ price target indicates a potential upside of 8.03% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Barclays reissued a “buy” rating and issued a $950.00 target price on shares of AutoZone in a research report on Wednesday. Stephens reissued an “overweight” rating and issued a $975.00 target price on shares of AutoZone in a research report on Wednesday. Credit Suisse Group set a $854.00 target price on AutoZone and gave the company a “hold” rating in a research report on Tuesday. Wells Fargo & Co reissued a “buy” rating and issued a $970.00 target price on shares of AutoZone in a research report on Tuesday. Finally, Zacks Investment Research cut AutoZone from a “buy” rating to a “hold” rating in a research report on Monday, December 3rd. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $866.74.

NYSE:AZO opened at $870.16 on Thursday. The stock has a market cap of $22.20 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 1.22 and a beta of 0.89. AutoZone has a 1 year low of $590.76 and a 1 year high of $894.37.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, December 4th. The company reported $13.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $12.21 by $1.26. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. AutoZone had a negative return on equity of 102.31% and a net margin of 12.49%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.00 EPS. Equities research analysts predict that AutoZone will post 59.05 earnings per share for the current year.

AutoZone announced that its board has approved a stock buyback plan on Wednesday, September 26th that authorizes the company to buyback $1.25 billion in shares. This buyback authorization authorizes the company to purchase up to 6.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

In other AutoZone news, Director William Andrew Mckenna sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the completion of the sale, the director now directly owns 8,268 shares of the company’s stock, valued at approximately $6,177,436.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman William C. Rhodes III sold 23,700 shares of the company’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $780.06, for a total value of $18,487,422.00. Following the sale, the chairman now directly owns 37,918 shares of the company’s stock, valued at $29,578,315.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 79,687 shares of company stock valued at $63,373,093. 2.80% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of AZO. Massey Quick Simon & CO. LLC raised its stake in AutoZone by 222.4% during the 3rd quarter. Massey Quick Simon & CO. LLC now owns 187 shares of the company’s stock valued at $145,000 after acquiring an additional 129 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in AutoZone by 197.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock valued at $158,000 after acquiring an additional 156 shares during the last quarter. ELM Advisors LLC purchased a new stake in AutoZone during the 3rd quarter valued at approximately $163,000. Flagship Harbor Advisors LLC purchased a new stake in AutoZone during the 2nd quarter valued at approximately $173,000. Finally, Paragon Capital Management Ltd purchased a new stake in AutoZone during the 2nd quarter valued at approximately $201,000. 92.10% of the stock is owned by hedge funds and other institutional investors.

AutoZone Company Profile

AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

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The Fly

Analyst Recommendations for AutoZone (NYSE:AZO)

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