AutoZone (NYSE:AZO) Price Target Raised to $3,678.00 at Argus

AutoZone (NYSE:AZO) had its price objective raised by Argus from $3,560.00 to $3,678.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

AZO has been the subject of several other research reports. Mizuho lifted their price target on AutoZone from $3,350.00 to $3,600.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Guggenheim lifted their price target on AutoZone from $3,350.00 to $3,750.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Citigroup lifted their price target on AutoZone from $3,500.00 to $3,900.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Morgan Stanley lifted their price target on AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. Finally, UBS Group lifted their price target on AutoZone from $3,340.00 to $3,500.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $3,400.32.

AutoZone Stock Up 0.6 %

Shares of AZO stock opened at $3,268.78 on Thursday. The stock has a market cap of $54.86 billion, a PE ratio of 21.84, a price-to-earnings-growth ratio of 1.73 and a beta of 0.71. The business has a 50-day simple moving average of $3,187.85 and a 200-day simple moving average of $3,112.24. AutoZone has a 52-week low of $2,510.00 and a 52-week high of $3,416.71.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $33.69 by ($1.17). The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.30 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $32.55 EPS. Sell-side analysts anticipate that AutoZone will post 154.29 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman William C. Rhodes III sold 13,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the completion of the sale, the chairman now directly owns 13,857 shares in the company, valued at $43,055,777.55. This represents a 48.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On AutoZone

A number of large investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new position in AutoZone in the third quarter valued at approximately $36,000. Meeder Asset Management Inc. lifted its holdings in AutoZone by 50.0% in the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after acquiring an additional 5 shares during the last quarter. Carolina Wealth Advisors LLC acquired a new position in AutoZone in the third quarter valued at approximately $47,000. Darwin Wealth Management LLC acquired a new position in AutoZone in the third quarter valued at approximately $47,000. Finally, McIlrath & Eck LLC lifted its holdings in AutoZone by 25.0% in the third quarter. McIlrath & Eck LLC now owns 20 shares of the company’s stock valued at $63,000 after acquiring an additional 4 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

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.