Brokerages Set AutoZone, Inc. (NYSE:AZO) PT at $3,724.00

Shares of AutoZone, Inc. (NYSE:AZO) have earned an average recommendation of “Buy” from the twenty-four analysts that are currently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and four have assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $3,724.00.

Several research analysts have weighed in on the company. Evercore ISI lifted their target price on AutoZone from $3,525.00 to $3,700.00 and gave the stock an “outperform” rating in a report on Wednesday, March 5th. DA Davidson raised AutoZone from a “neutral” rating to a “buy” rating and raised their price target for the stock from $3,500.00 to $4,192.00 in a research report on Friday, March 21st. The Goldman Sachs Group upgraded AutoZone from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $3,044.00 to $3,811.00 in a research report on Tuesday, April 1st. Wells Fargo & Company raised their target price on shares of AutoZone from $3,750.00 to $3,850.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of AutoZone from $3,775.00 to $3,830.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,479.55 on Friday. The firm’s 50 day simple moving average is $3,533.54 and its 200 day simple moving average is $3,308.09. AutoZone has a fifty-two week low of $2,728.97 and a fifty-two week high of $3,916.81. The company has a market capitalization of $58.39 billion, a price-to-earnings ratio of 23.25, a P/E/G ratio of 1.86 and a beta of 0.54.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share for the quarter, missing the consensus estimate of $29.11 by ($0.82). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.98 billion. Equities research analysts expect that AutoZone will post 152.94 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Bailey L. Childress sold 160 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total value of $568,000.00. Following the completion of the sale, the senior vice president now directly owns 50 shares in the company, valued at approximately $177,500. This trade represents a 76.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Philip B. Daniele sold 2,000 shares of AutoZone stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $3,800.01, for a total value of $7,600,020.00. Following the transaction, the chief executive officer now owns 163 shares of the company’s stock, valued at $619,401.63. This represents a 92.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,721 shares of company stock worth $24,609,331. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Several institutional investors and hedge funds have recently modified their holdings of AZO. Centiva Capital LP acquired a new position in AutoZone in the 3rd quarter valued at about $570,000. Janus Henderson Group PLC increased its stake in shares of AutoZone by 5.2% during the third quarter. Janus Henderson Group PLC now owns 13,257 shares of the company’s stock worth $41,767,000 after purchasing an additional 650 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in AutoZone by 4.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 180 shares of the company’s stock valued at $567,000 after purchasing an additional 8 shares during the period. IHT Wealth Management LLC grew its holdings in AutoZone by 63.0% in the 3rd quarter. IHT Wealth Management LLC now owns 119 shares of the company’s stock valued at $376,000 after buying an additional 46 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its holdings in AutoZone by 1.3% in the 3rd quarter. Royal London Asset Management Ltd. now owns 8,035 shares of the company’s stock valued at $25,311,000 after buying an additional 106 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.