AutoZone (NYSE:AZO) had its target price lifted by research analysts at Credit Suisse Group from $854.00 to $930.00 in a report issued on Thursday. The brokerage currently has an “outperform” rating on the stock. Credit Suisse Group’s target price points to a potential upside of 6.88% from the stock’s current price.
Other research analysts also recently issued reports about the company. Argus decreased their price objective on AutoZone to $820.00 and set a “buy” rating for the company in a report on Thursday, August 30th. Zacks Investment Research upgraded AutoZone from a “hold” rating to a “buy” rating and set a $860.00 price objective for the company in a report on Tuesday, August 28th. Citigroup increased their price objective on AutoZone from $765.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 19th. Stephens reiterated a “buy” rating and set a $825.00 price objective on shares of AutoZone in a report on Wednesday, September 19th. They noted that the move was a valuation call. Finally, Deutsche Bank set a $940.00 price objective on AutoZone and gave the stock a “buy” rating in a report on Monday, November 26th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $866.74.
Shares of AutoZone stock opened at $870.16 on Thursday. AutoZone has a 1 year low of $590.76 and a 1 year high of $894.37. The stock has a market capitalization of $22.20 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 1.22 and a beta of 0.89.
AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, December 4th. The company reported $13.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $12.21 by $1.26. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.64 billion. AutoZone had a negative return on equity of 102.31% and a net margin of 12.49%. 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 company earned $10.00 earnings per share. On average, sell-side analysts predict that AutoZone will post 59.05 EPS for the current fiscal year.
AutoZone declared that its board has initiated a share buyback program on Wednesday, September 26th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
In related news, insider William W. Graves sold 18,900 shares of the stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $776.37, for a total transaction of $14,673,393.00. Following the completion of the transaction, the insider now directly owns 3,450 shares of the company’s stock, valued at $2,678,476.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Charles Pleas III sold 9,500 shares of the stock in a transaction that occurred on 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 transaction, the vice president now directly owns 13,862 shares of the company’s stock, valued at $10,533,040.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,687 shares of company stock valued at $63,373,093. 2.80% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Massey Quick Simon & CO. LLC boosted its position in AutoZone by 222.4% during the third 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 last quarter. Bronfman E.L. Rothschild L.P. boosted its position in AutoZone by 197.5% during the second 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 last quarter. ELM Advisors LLC acquired a new position in AutoZone during the third quarter valued at approximately $163,000. Flagship Harbor Advisors LLC acquired a new position in AutoZone during the second quarter valued at approximately $173,000. Finally, Paragon Capital Management Ltd acquired a new position in AutoZone during the second quarter valued at approximately $201,000. 92.10% of the stock is owned by hedge funds and other institutional investors.
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, 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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