AutoZone, Inc. (NYSE:AZO) Receives $4,040.87 Average Target Price from Analysts

AutoZone, Inc. (NYSE:AZO) has earned a consensus rating of “Moderate Buy” from the twenty-seven analysts that are covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation, twenty have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $4,040.8696.

Several brokerages have recently commented on AZO. Morgan Stanley reduced their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Evercore restated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Guggenheim lowered their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Robert W. Baird reduced their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Finally, Mizuho lowered their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $3,158.56 on Monday. The company’s fifty day moving average is $3,248.95 and its 200-day moving average is $3,444.46. AutoZone has a 52 week low of $2,928.11 and a 52 week high of $4,388.11. The company has a market capitalization of $51.58 billion, a PE ratio of 21.72, a P/E/G ratio of 1.60 and a beta of 0.33.

AutoZone (NYSE:AZO) last announced its quarterly 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 firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $35.36 EPS. On average, analysts forecast that AutoZone will post 150.51 EPS for the current year.

AutoZone announced that its board has approved a stock buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at AutoZone

In other news, Director Earl G. Graves, Jr. sold 50 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director owned 4,837 shares of the company’s stock, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Hannasch purchased 165 shares of the stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Institutional investors have recently made changes to their positions in the stock. Morgan Stanley lifted its stake in AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after buying an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of AutoZone by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after acquiring an additional 7,390 shares during the period. Norges Bank acquired a new stake in shares of AutoZone in the 4th quarter valued at approximately $939,205,000. PineStone Asset Management Inc. boosted its stake in AutoZone by 1.5% during the 4th quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company’s stock worth $912,900,000 after acquiring an additional 3,868 shares during the last quarter. Finally, First Manhattan CO. LLC. grew its holdings in AutoZone by 2.7% during the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after purchasing an additional 6,765 shares during the period. 92.74% of the stock is 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.