AutoZone (NYSE:AZO) Upgraded at Argus

Argus upgraded shares of AutoZone (NYSE:AZO) from a hold rating to a buy rating in a research note issued to investors on Monday, MarketBeat reports. Argus currently has $4,325.00 price objective on the stock.

A number of other analysts have also recently commented on the stock. DA Davidson set a $4,300.00 price objective on shares of AutoZone in a research report on Thursday, March 5th. Guggenheim reduced their target price on AutoZone from $4,600.00 to $4,400.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Oppenheimer lowered their price target on AutoZone from $4,600.00 to $4,150.00 and set an “outperform” rating for the company in a report on Friday, January 9th. JPMorgan Chase & Co. raised their price target on AutoZone from $4,100.00 to $4,300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Finally, The Goldman Sachs Group lifted their price objective on AutoZone from $4,274.00 to $4,345.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4,318.38.

AutoZone Trading Down 0.3%

AZO opened at $3,715.03 on Monday. The business has a 50 day moving average of $3,640.15 and a 200-day moving average of $3,810.37. AutoZone has a 1-year low of $3,210.72 and a 1-year high of $4,388.11. The stock has a market capitalization of $61.55 billion, a price-to-earnings ratio of 26.03, a P/E/G ratio of 1.91 and a beta of 0.41.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $27.59 by $0.04. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The company had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the previous year, the company posted $28.29 earnings per share. AutoZone’s quarterly revenue was up 8.2% compared to the same quarter last year. Equities analysts predict that AutoZone will post 152.94 EPS for the current year.

Insider Buying and Selling

In other news, Director Earl G. Graves, Jr. sold 250 shares of the business’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 approximately $16,102,665. The trade was a 4.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brian Hannasch purchased 147 shares of AutoZone stock in a transaction that occurred on Thursday, December 18th. The shares were bought 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 $3,264,152.58. This represents a 18.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 9,447 shares of company stock worth $34,179,923 in the last 90 days. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AutoZone

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raleigh Capital Management Inc. acquired a new position in shares of AutoZone during the third quarter worth $26,000. Turning Point Benefit Group Inc. bought a new position in AutoZone during the 3rd quarter worth $25,000. Global Trust Asset Management LLC raised its position in AutoZone by 600.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after purchasing an additional 6 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in AutoZone during the 3rd quarter worth about $34,000. Finally, Torren Management LLC bought a new stake in shares of AutoZone in the 4th quarter valued at about $27,000. 92.74% of the stock is currently owned by institutional investors.

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.