AutoZone (NYSE:AZO) Now Covered by Truist Securities

Equities researchers at Truist Securities initiated coverage on shares of AutoZone (NYSE:AZO) in a research report issued on Thursday, Price Targets.com reports. The brokerage set a “buy” rating and a $2,329.00 price target on the stock. Truist Securities’ price target would indicate a potential upside of 14.53% from the stock’s current price. Truist Securities also issued estimates for AutoZone’s Q2 2022 earnings at $17.64 EPS, Q3 2022 earnings at $25.88 EPS, Q4 2022 earnings at $39.11 EPS, FY2022 earnings at $108.00 EPS, Q1 2023 earnings at $27.97 EPS, Q2 2023 earnings at $19.71 EPS, Q3 2023 earnings at $28.71 EPS, Q4 2023 earnings at $43.28 EPS, FY2023 earnings at $119.30 EPS, Q1 2024 earnings at $31.14 EPS and FY2024 earnings at $132.25 EPS.

Several other research firms have also commented on AZO. Zacks Investment Research lowered AutoZone from a “buy” rating to a “hold” rating and set a $1,900.00 price target on the stock. in a research report on Friday, November 5th. Wedbush boosted their target price on AutoZone from $1,900.00 to $2,250.00 and gave the company an “outperform” rating in a report on Wednesday, December 8th. Oppenheimer boosted their target price on AutoZone from $1,670.00 to $1,850.00 and gave the company an “outperform” rating in a report on Wednesday, September 22nd. Wells Fargo & Company boosted their target price on AutoZone from $2,200.00 to $2,350.00 and gave the company an “overweight” rating in a report on Wednesday, January 5th. Finally, UBS Group lowered AutoZone from a “buy” rating to a “neutral” rating and set a $2,300.00 target price on the stock. in a report on Friday, January 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $2,038.74.

AZO opened at $2,033.48 on Thursday. The firm has a market cap of $41.96 billion, a price-to-earnings ratio of 19.78, a price-to-earnings-growth ratio of 1.73 and a beta of 0.88. AutoZone has a 52 week low of $1,111.71 and a 52 week high of $2,110.00. The business’s 50 day moving average is $1,959.51 and its two-hundred day moving average is $1,750.97.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, December 7th. The company reported $25.69 EPS for the quarter, topping the consensus estimate of $20.87 by $4.82. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.38 billion. AutoZone had a negative return on equity of 126.68% and a net margin of 15.08%. The firm’s revenue was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $18.61 earnings per share. On average, sell-side analysts predict that AutoZone will post 107.35 earnings per share for the current fiscal year.

In other news, VP John Scott Murphy sold 2,250 shares of the company’s stock in a transaction on Monday, January 3rd. The stock was sold at an average price of $2,055.61, for a total value of $4,625,122.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director George R. Mrkonic, Jr. sold 217 shares of the company’s stock in a transaction on Tuesday, January 4th. The shares were sold at an average price of $2,046.87, for a total value of $444,170.79. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,525 shares of company stock worth $20,958,078. 2.60% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Advisory Services Network LLC increased its stake in AutoZone by 3.2% in the second quarter. Advisory Services Network LLC now owns 2,094 shares of the company’s stock valued at $3,124,000 after purchasing an additional 64 shares during the last quarter. Cascadia Advisory Services LLC increased its stake in AutoZone by 8.6% in the second quarter. Cascadia Advisory Services LLC now owns 2,879 shares of the company’s stock valued at $4,296,000 after purchasing an additional 229 shares during the last quarter. Toronto Dominion Bank increased its stake in AutoZone by 3.4% in the second quarter. Toronto Dominion Bank now owns 13,633 shares of the company’s stock valued at $20,342,000 after purchasing an additional 450 shares during the last quarter. Greenleaf Trust increased its stake in AutoZone by 1.4% in the second quarter. Greenleaf Trust now owns 1,046 shares of the company’s stock valued at $1,561,000 after purchasing an additional 14 shares during the last quarter. Finally, Legacy Private Trust Co. acquired a new position in AutoZone in the third quarter valued at $221,000. Institutional investors and hedge funds own 91.01% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells, and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.

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Analyst Recommendations for AutoZone (NYSE:AZO)

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