AutoZone, Inc. (NYSE:AZO) Stock Has Consensus Price Target of $3,669.12 According to Analysts

AutoZone, Inc. (NYSE:AZO) has been given a consensus recommendation of “Moderate Buy” by the twenty-seven analysts that are presently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $3,669.12.

Several research firms have recently commented on AZO. Robert W. Baird lowered their price target on AutoZone from $3,600.00 to $3,400.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. BMO Capital Markets cut their price target on shares of AutoZone from $4,000.00 to $3,500.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 23rd. DA Davidson lowered their price objective on shares of AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Piper Sandler set a $3,500.00 target price on shares of AutoZone in a research note on Monday, August 31st. Finally, Raymond James Financial reduced their target price on shares of AutoZone from $4,000.00 to $3,700.00 and set a “strong-buy” rating on the stock in a report on Wednesday, September 23rd.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently made changes to their positions in AZO. BlackRock Inc. acquired a new stake in shares of AutoZone during the second quarter valued at $3,938,566,000. Sound Income Strategies LLC raised its stake in AutoZone by 646,568.6% in the 3rd quarter. Sound Income Strategies LLC now owns 659,602 shares of the company’s stock valued at $1,866,687,000 after purchasing an additional 659,500 shares during the last quarter. First Manhattan CO. LLC. lifted its holdings in AutoZone by 2.7% in the 4th 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 in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of AutoZone by 247,417.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock worth $798,963,000 after purchasing an additional 249,892 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of AutoZone during the second quarter worth about $572,885,000. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Stock Performance

AutoZone stock opened at $2,935.62 on Wednesday. The company’s 50 day simple moving average is $2,945.42 and its 200-day simple moving average is $3,145.03. The company has a market capitalization of $47.94 billion, a price-to-earnings ratio of 19.21, a price-to-earnings-growth ratio of 1.35 and a beta of 0.40. AutoZone has a 1 year low of $2,730.65 and a 1 year high of $4,146.42.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $55.51. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The firm had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.70 billion. During the same quarter last year, the company posted $48.71 EPS. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. Equities analysts expect that AutoZone will post 171.50 earnings per share for the current year.

AutoZone declared that its board has initiated a share buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 3% of its shares through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.