AutoZone (NYSE:AZO) Price Target Raised to $1,710.00 at Morgan Stanley

AutoZone (NYSE:AZO) had its target price boosted by Morgan Stanley from $1,650.00 to $1,710.00 in a research report report published on Wednesday morning, PriceTargets.com reports. They currently have an equal weight rating on the stock.

Several other analysts have also recently weighed in on AZO. Wells Fargo & Company boosted their price target on AutoZone from $1,700.00 to $1,750.00 and gave the stock an overweight rating in a report on Monday, September 13th. Credit Suisse Group boosted their price target on AutoZone from $1,660.00 to $1,785.00 and gave the stock an outperform rating in a report on Wednesday. Oppenheimer boosted their price target on AutoZone from $1,670.00 to $1,850.00 and gave the stock an outperform rating in a report on Wednesday. Royal Bank of Canada reduced their price target on AutoZone from $1,596.00 to $1,565.00 and set a sector perform rating on the stock in a report on Wednesday, May 26th. Finally, reduced their target price on AutoZone from $1,700.00 to $1,636.00 and set a buy rating on the stock in a report on Wednesday, June 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, AutoZone has a consensus rating of Buy and a consensus target price of $1,651.89.

AutoZone stock opened at $1,683.76 on Wednesday. AutoZone has a 12-month low of $1,085.85 and a 12-month high of $1,694.27. The business’s 50-day moving average price is $1,600.22 and its two-hundred day moving average price is $1,493.30. The stock has a market cap of $36.28 billion, a PE ratio of 18.51, a P/E/G ratio of 1.46 and a beta of 0.94.

AutoZone (NYSE:AZO) last released its earnings results on Monday, September 20th. The company reported $35.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $30.20 by $5.52. The firm had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.57 billion. AutoZone had a negative return on equity of 163.72% and a net margin of 14.90%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $30.93 earnings per share. Research analysts forecast that AutoZone will post 89.51 earnings per share for the current year.

In other news, CEO William C. Rhodes III sold 14,535 shares of the company’s stock in a transaction that occurred on Thursday, July 1st. The stock was sold at an average price of $1,511.74, for a total transaction of $21,973,140.90. Following the transaction, the chief executive officer now directly owns 33,491 shares of the company’s stock, valued at $50,629,684.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William C. Rhodes III sold 4,492 shares of the company’s stock in a transaction that occurred on Tuesday, June 29th. The stock was sold at an average price of $1,501.14, for a total value of $6,743,120.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,944 shares of company stock worth $52,299,958. Insiders own 2.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AZO. Atlas Capital Advisors LLC purchased a new stake in AutoZone in the 2nd quarter valued at $28,000. Vigilant Capital Management LLC purchased a new stake in AutoZone in the 2nd quarter valued at $34,000. WealthShield Partners LLC raised its position in AutoZone by 283.3% in the 2nd quarter. WealthShield Partners LLC now owns 23 shares of the company’s stock valued at $34,000 after buying an additional 17 shares during the last quarter. Tacita Capital Inc purchased a new stake in AutoZone in the 2nd quarter valued at $45,000. Finally, E Fund Management Co. Ltd. purchased a new stake in AutoZone in the 1st quarter valued at $55,000. 87.65% of the stock is owned by institutional investors and hedge funds.

AutoZone Company Profile

AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.

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Analyst Recommendations for AutoZone (NYSE:AZO)

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