AutoZone, Inc. (NYSE:AZO – Get Rating) – Investment analysts at Wedbush boosted their Q3 2023 earnings estimates for AutoZone in a report issued on Wednesday, May 25th. Wedbush analyst S. Basham now expects that the company will post earnings of $31.34 per share for the quarter, up from their previous forecast of $29.11. Wedbush currently has a “Outperform” rating on the stock.
AutoZone (NYSE:AZO – Get Rating) last posted its earnings results on Tuesday, May 24th. The company reported $29.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $25.70 by $3.33. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.71 billion. AutoZone had a negative return on equity of 109.21% and a net margin of 15.44%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $26.48 earnings per share.
Shares of NYSE:AZO opened at $2,028.96 on Friday. The company has a market capitalization of $40.27 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90. The company has a 50 day moving average of $2,039.27 and a two-hundred day moving average of $1,977.43. AutoZone has a 52-week low of $1,367.96 and a 52-week high of $2,267.40.
A number of institutional investors have recently bought and sold shares of AZO. Royal Bank of Canada raised its holdings in shares of AutoZone by 368.0% during the first quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock valued at $841,242,000 after buying an additional 323,536 shares during the last quarter. Norges Bank acquired a new stake in AutoZone in the 4th quarter valued at approximately $420,100,000. Altshuler Shaham Ltd increased its position in AutoZone by 556,107.4% in the 3rd quarter. Altshuler Shaham Ltd now owns 150,176 shares of the company’s stock valued at $325,000 after acquiring an additional 150,149 shares during the period. JPMorgan Chase & Co. boosted its position in AutoZone by 13.9% during the 1st quarter. JPMorgan Chase & Co. now owns 1,188,751 shares of the company’s stock worth $2,430,495,000 after acquiring an additional 144,984 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of AutoZone in the third quarter worth $161,309,000. 95.97% of the stock is owned by hedge funds and other institutional investors.
In other AutoZone news, EVP Philip B. Daniele sold 100 shares of the firm’s stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $1,900.00, for a total value of $190,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Preston Frazer sold 1,500 shares of the company’s stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $2,220.00, for a total transaction of $3,330,000.00. Following the transaction, the executive vice president now owns 783 shares of the company’s stock, valued at approximately $1,738,260. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,682 shares of company stock worth $16,146,334. Insiders own 2.60% of the company’s stock.
AutoZone Company Profile (Get Rating)
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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