AutoZone (AZO) Releases Quarterly Earnings Results, Beats Estimates By $1.26 EPS

AutoZone (NYSE:AZO) posted its quarterly earnings results on Tuesday. The company reported $13.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $12.21 by $1.26, Morningstar.com reports. AutoZone had a negative return on equity of 99.70% and a net margin of 11.92%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the previous year, the business earned $10.00 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis.

Shares of AZO opened at $870.00 on Tuesday. AutoZone has a one year low of $590.76 and a one year high of $842.10. The firm has a market capitalization of $20.68 billion, a P/E ratio of 16.38, a PEG ratio of 1.14 and a beta of 0.89.

AutoZone announced that its Board of Directors has approved a stock buyback program on Wednesday, September 26th that permits the company to repurchase $1.25 billion in shares. This repurchase authorization permits the company to reacquire up to 6.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.



In other AutoZone news, Director William Andrew Mckenna sold 3,000 shares of the business’s stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the completion of the sale, the director now owns 8,268 shares of the company’s stock, valued at $6,177,436.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Charles Pleas III sold 9,500 shares of the business’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $759.85, for a total value of $7,218,575.00. Following the sale, the vice president now directly owns 13,862 shares of the company’s stock, valued at approximately $10,533,040.70. The disclosure for this sale can be found here. Insiders sold 60,487 shares of company stock valued at $46,667,608 in the last ninety days. 2.80% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in AZO. Great Lakes Advisors LLC boosted its stake in shares of AutoZone by 1.0% in the third quarter. Great Lakes Advisors LLC now owns 2,037 shares of the company’s stock worth $1,580,000 after acquiring an additional 20 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in shares of AutoZone by 29.8% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 305 shares of the company’s stock worth $237,000 after acquiring an additional 70 shares during the period. Morningstar Investment Services LLC boosted its stake in shares of AutoZone by 8.6% in the third quarter. Morningstar Investment Services LLC now owns 994 shares of the company’s stock worth $771,000 after acquiring an additional 79 shares during the period. Tyers Asset Management LLC boosted its stake in shares of AutoZone by 3.1% in the second quarter. Tyers Asset Management LLC now owns 2,640 shares of the company’s stock worth $1,771,000 after acquiring an additional 80 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of AutoZone by 2.0% in the second quarter. Oppenheimer & Co. Inc. now owns 4,718 shares of the company’s stock worth $3,165,000 after acquiring an additional 93 shares during the period. 92.10% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently weighed in on the company. Credit Suisse Group set a $854.00 price target on AutoZone and gave the stock a “buy” rating in a research note on Wednesday, November 28th. Deutsche Bank set a $940.00 price target on AutoZone and gave the stock a “buy” rating in a research note on Monday, November 26th. Zacks Investment Research cut AutoZone from a “buy” rating to a “hold” rating in a research note on Monday. Citigroup boosted their price target on AutoZone from $850.00 to $985.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Wedbush set a $870.00 price target on AutoZone and gave the stock a “buy” rating in a research note on Wednesday, November 21st. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $815.01.

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About AutoZone

AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

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Earnings History for AutoZone (NYSE:AZO)

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