AutoZone (AZO) Earns Buy Rating from Barclays

AutoZone (NYSE:AZO)‘s stock had its “buy” rating reaffirmed by equities researchers at Barclays in a research report issued to clients and investors on Wednesday. They presently have a $950.00 price target on the stock. Barclays’ target price would indicate a potential upside of 9.36% from the company’s current price.

AZO has been the subject of a number of other reports. Argus reduced their target price on shares of AutoZone to $820.00 and set a “buy” rating for the company in a research note on Thursday, August 30th. Credit Suisse Group set a $854.00 target price on shares of AutoZone and gave the stock a “buy” rating in a research note on Wednesday, November 28th. Morgan Stanley upped their target price on shares of AutoZone from $760.00 to $800.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 6th. Zacks Investment Research raised shares of AutoZone from a “hold” rating to a “buy” rating and set a $860.00 target price for the company in a research note on Tuesday, August 28th. Finally, Stephens reaffirmed a “buy” rating and issued a $825.00 target price on shares of AutoZone in a research note on Wednesday, September 19th. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $866.74.

Shares of NYSE AZO opened at $868.68 on Wednesday. The firm has a market capitalization of $22.49 billion, a P/E ratio of 17.26, a P/E/G ratio of 1.28 and a beta of 0.89. AutoZone has a 1-year low of $590.76 and a 1-year high of $894.37.



AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, December 4th. The company reported $13.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $12.21 by $1.26. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.64 billion. AutoZone had a net margin of 12.49% and a negative return on equity of 102.31%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $10.00 EPS. Analysts predict that AutoZone will post 58.58 earnings per share for the current year.

AutoZone declared that its board has approved a share buyback program on Wednesday, September 26th that allows the company to buyback $1.25 billion in shares. This buyback authorization allows the company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, VP Charles Pleas III sold 9,500 shares of the company’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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Rodney C. Halsell sold 5,387 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $751.21, for a total transaction of $4,046,768.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,487 shares of company stock valued at $46,667,608. Company insiders own 2.80% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Massey Quick Simon & CO. LLC raised its holdings in shares of AutoZone by 222.4% in the 3rd quarter. Massey Quick Simon & CO. LLC now owns 187 shares of the company’s stock valued at $145,000 after purchasing an additional 129 shares during the period. Bronfman E.L. Rothschild L.P. raised its holdings in shares of AutoZone by 197.5% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock valued at $158,000 after purchasing an additional 156 shares during the period. ELM Advisors LLC bought a new stake in shares of AutoZone in the 3rd quarter valued at about $163,000. Flagship Harbor Advisors LLC bought a new stake in shares of AutoZone in the 2nd quarter valued at about $173,000. Finally, Truepoint Inc. bought a new stake in shares of AutoZone in the 2nd quarter valued at about $201,000. 92.10% of the stock is currently owned by institutional investors.

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.

Further Reading: Earnings Per Share (EPS) Explained

Analyst Recommendations for AutoZone (NYSE:AZO)

Receive News & Ratings for AutoZone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AutoZone and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply