AutoZone (NYSE:AZO) Releases Quarterly Earnings Results, Beats Expectations By $2.20 EPS

AutoZone (NYSE:AZOGet Rating) announced its earnings results on Monday. The company reported $40.51 EPS for the quarter, topping the consensus estimate of $38.31 by $2.20, MarketWatch Earnings reports. The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $5.16 billion. AutoZone had a net margin of 15.21% and a negative return on equity of 92.10%. AutoZone’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $35.72 EPS.

AutoZone Stock Down 1.9 %

AZO traded down $40.60 during trading on Monday, hitting $2,125.05. 8,534 shares of the company’s stock were exchanged, compared to its average volume of 177,653. The business’s 50 day moving average is $2,191.02 and its two-hundred day moving average is $2,092.89. AutoZone has a fifty-two week low of $1,559.43 and a fifty-two week high of $2,362.24. The stock has a market cap of $41.41 billion, a P/E ratio of 19.21, a PEG ratio of 1.54 and a beta of 0.78.

Insiders Place Their Bets

In other news, VP Domingo Hurtado sold 395 shares of the stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $2,217.53, for a total value of $875,924.35. Following the completion of the sale, the vice president now owns 362 shares in the company, valued at $802,745.86. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Domingo Hurtado sold 395 shares of the stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $2,217.53, for a total value of $875,924.35. Following the completion of the sale, the vice president now owns 362 shares in the company, valued at $802,745.86. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William C. Rhodes III sold 2,958 shares of the stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $2,206.33, for a total transaction of $6,526,324.14. Following the completion of the sale, the chief executive officer now owns 15,935 shares of the company’s stock, valued at approximately $35,157,868.55. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Institutional investors have recently added to or reduced their stakes in the stock. ExodusPoint Capital Management LP bought a new position in AutoZone during the second quarter worth about $1,023,000. Walleye Capital LLC bought a new position in shares of AutoZone in the second quarter valued at approximately $690,000. Centiva Capital LP bought a new position in shares of AutoZone in the second quarter valued at approximately $903,000. First Republic Investment Management Inc. boosted its position in shares of AutoZone by 53.1% in the second quarter. First Republic Investment Management Inc. now owns 6,511 shares of the company’s stock valued at $13,993,000 after acquiring an additional 2,259 shares during the period. Finally, SVB Wealth LLC bought a new position in shares of AutoZone in the second quarter valued at approximately $207,000. Institutional investors own 92.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AZO. MKM Partners began coverage on shares of AutoZone in a research report on Thursday, June 23rd. They issued a “buy” rating and a $2,350.00 target price for the company. Truist Financial dropped their target price on shares of AutoZone from $2,215.00 to $2,174.00 and set a “buy” rating for the company in a research report on Wednesday, May 25th. The Goldman Sachs Group upgraded shares of AutoZone from a “neutral” rating to a “buy” rating and boosted their target price for the company from $1,969.00 to $2,296.00 in a research report on Monday, June 27th. DA Davidson boosted their target price on shares of AutoZone from $1,900.00 to $1,920.00 and gave the company a “neutral” rating in a research report on Wednesday, May 25th. Finally, UBS Group boosted their target price on shares of AutoZone from $2,100.00 to $2,260.00 and gave the company a “neutral” rating in a research report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $2,172.94.

AutoZone Company Profile

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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, as well as tire repairs.

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Earnings History for AutoZone (NYSE:AZO)

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