AutoZone, Inc. (NYSE:AZO) Receives $4,040.87 Average Target Price from Analysts

AutoZone, Inc. (NYSE:AZO) has received an average recommendation of “Moderate Buy” from the twenty-seven research firms that are covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $4,040.8696.

A number of equities analysts recently commented on AZO shares. JPMorgan Chase & Co. reduced their price target on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. DA Davidson dropped their price objective on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Morgan Stanley cut their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. Citigroup reduced their target price on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Finally, BMO Capital Markets decreased their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th.

AutoZone Trading Down 0.1%

NYSE AZO opened at $2,953.62 on Friday. The firm has a market capitalization of $48.23 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The firm’s fifty day moving average price is $3,101.53 and its two-hundred day moving average price is $3,403.06. AutoZone has a 1 year low of $2,902.20 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $35.36 EPS. On average, research analysts anticipate that AutoZone will post 150.39 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy up to 3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of AutoZone

A number of hedge funds have recently modified their holdings of AZO. Turning Point Benefit Group Inc. bought a new position in AutoZone in the 3rd quarter valued at about $25,000. Torren Management LLC bought a new stake in shares of AutoZone during the fourth quarter worth approximately $27,000. Transamerica Financial Advisors LLC boosted its holdings in shares of AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after acquiring an additional 4 shares during the period. MCF Advisors LLC grew its position in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after purchasing an additional 3 shares during the last quarter. Finally, Bard Associates Inc. acquired a new position in shares of AutoZone in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.