JPMorgan Chase & Co. Raises AutoZone (NYSE:AZO) Price Target to $1,562.00

AutoZone (NYSE:AZO) had its price target hoisted by analysts at JPMorgan Chase & Co. from $1,395.00 to $1,562.00 in a research report issued on Monday, The Fly reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 3.16% from the stock’s previous close.

AZO has been the topic of a number of other reports. The Goldman Sachs Group assumed coverage on shares of AutoZone in a research note on Wednesday, March 10th. They issued a “buy” rating and a $1,424.00 price target on the stock. Oppenheimer reiterated a “buy” rating and issued a $1,500.00 price objective on shares of AutoZone in a report on Wednesday, March 3rd. Stephens raised their price objective on shares of AutoZone from $1,350.00 to $1,500.00 and gave the company an “overweight” rating in a report on Friday, March 26th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell initiated coverage on shares of AutoZone in a report on Monday, March 15th. They issued a “buy” rating and a $1,424.00 price objective for the company. Finally, Wells Fargo & Company raised their price objective on shares of AutoZone from $1,500.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 29th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. AutoZone presently has an average rating of “Buy” and an average price target of $1,412.55.

AZO opened at $1,514.11 on Monday. The company’s 50 day moving average is $1,354.69 and its 200-day moving average is $1,220.49. AutoZone has a 1-year low of $973.06 and a 1-year high of $1,524.98. The company has a market cap of $33.37 billion, a P/E ratio of 19.84, a PEG ratio of 2.95 and a beta of 0.83.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Monday, March 1st. The company reported $14.93 earnings per share for the quarter, beating analysts’ consensus estimates of $12.84 by $2.09. AutoZone had a net margin of 14.05% and a negative return on equity of 139.08%. The company had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same period last year, the company posted $12.39 EPS. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that AutoZone will post 75 earnings per share for the current fiscal year.

In related news, VP Ronald B. Griffin sold 674 shares of AutoZone stock in a transaction on Thursday, January 21st. The shares were sold at an average price of $1,250.38, for a total value of $842,756.12. Following the completion of the sale, the vice president now owns 1,156 shares of the company’s stock, valued at approximately $1,445,439.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William C. Rhodes III sold 11,250 shares of AutoZone stock in a transaction on Wednesday, March 10th. The shares were sold at an average price of $1,250.02, for a total transaction of $14,062,725.00. In the last three months, insiders sold 28,347 shares of company stock valued at $35,962,493. 2.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in AutoZone by 25.7% in the 4th quarter. JPMorgan Chase & Co. now owns 894,776 shares of the company’s stock valued at $1,060,706,000 after purchasing an additional 182,966 shares during the period. Fiera Capital Corp boosted its holdings in AutoZone by 4.7% during the 4th quarter. Fiera Capital Corp now owns 752,638 shares of the company’s stock worth $892,208,000 after acquiring an additional 34,111 shares during the last quarter. Boston Partners boosted its holdings in AutoZone by 3.0% during the 4th quarter. Boston Partners now owns 701,115 shares of the company’s stock worth $831,130,000 after acquiring an additional 20,233 shares during the last quarter. Nordea Investment Management AB boosted its holdings in AutoZone by 9.8% during the 4th quarter. Nordea Investment Management AB now owns 607,219 shares of the company’s stock worth $719,822,000 after acquiring an additional 54,381 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in AutoZone by 42.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 550,215 shares of the company’s stock worth $652,247,000 after acquiring an additional 164,933 shares during the last quarter. 91.56% of the stock is owned by institutional investors and hedge funds.

AutoZone Company Profile

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, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

Read More: What are some reasons analysts would give stocks a buy rating?

The Fly

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.