AutoZone (NYSE:AZO) Price Target Raised to $3,500.00

AutoZone (NYSE:AZO) had its price objective upped by UBS Group from $3,340.00 to $3,500.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently weighed in on AZO. Oppenheimer reaffirmed a market perform rating and set a $2,600.00 price target on shares of AutoZone in a research report on Wednesday, June 26th. Guggenheim raised their target price on shares of AutoZone from $3,225.00 to $3,350.00 and gave the company a buy rating in a research report on Wednesday. Mizuho boosted their price target on shares of AutoZone from $3,280.00 to $3,350.00 and gave the stock an outperform rating in a research report on Wednesday. Evercore ISI decreased their price objective on AutoZone from $3,900.00 to $3,350.00 and set an outperform rating for the company in a report on Friday, September 20th. Finally, StockNews.com downgraded AutoZone from a buy rating to a hold rating in a research report on Saturday, September 21st. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $3,169.38.

AutoZone Stock Up 0.2 %

AutoZone stock opened at $3,196.61 on Wednesday. The company has a 50 day moving average of $3,116.79 and a 200-day moving average of $3,011.32. AutoZone has a twelve month low of $2,375.35 and a twelve month high of $3,256.37. The stock has a market capitalization of $54.61 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $53.31 by ($5.20). The firm had revenue of $6.21 billion during the quarter, compared to analyst estimates of $6.25 billion. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the business earned $46.46 EPS. Equities analysts anticipate that AutoZone will post 151.08 EPS for the current fiscal year.

Insider Buying and Selling at AutoZone

In related news, VP John Scott Murphy sold 1,580 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the sale, the vice president now directly owns 1,218 shares in the company, valued at $3,785,166.42. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AZO. Anchor Investment Management LLC increased its position in shares of AutoZone by 5.8% in the second quarter. Anchor Investment Management LLC now owns 1,042 shares of the company’s stock worth $3,089,000 after purchasing an additional 57 shares during the period. Sanctuary Advisors LLC bought a new position in AutoZone in the 2nd quarter valued at about $2,249,000. 3Chopt Investment Partners LLC bought a new position in AutoZone in the 2nd quarter valued at about $362,000. Brandes Investment Partners LP raised its position in shares of AutoZone by 18.3% in the 2nd quarter. Brandes Investment Partners LP now owns 17,174 shares of the company’s stock valued at $50,897,000 after buying an additional 2,660 shares in the last quarter. Finally, Regal Investment Advisors LLC lifted its holdings in shares of AutoZone by 39.3% during the 2nd quarter. Regal Investment Advisors LLC now owns 248 shares of the company’s stock worth $735,000 after acquiring an additional 70 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.