Citigroup Increases AutoZone (NYSE:AZO) Price Target to $3,125.00

AutoZone (NYSE:AZO – Get Rating) had its target price lifted by Citigroup from $2,782.00 to $3,125.00 in a research report issued to clients and investors on Wednesday, The Fly reports. Citigroup’s target price indicates a potential upside of 17.97% from the stock’s previous close.

A number of other research firms also recently commented on AZO. JPMorgan Chase & Co. boosted their price target on shares of AutoZone from $2,750.00 to $2,975.00 in a research report on Friday, May 12th. StockNews.com initiated coverage on AutoZone in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Roth Capital reiterated a “buy” rating on shares of AutoZone in a research report on Tuesday, February 28th. The Goldman Sachs Group boosted their price objective on AutoZone from $2,563.00 to $2,899.00 and gave the stock a “buy” rating in a research note on Wednesday, March 1st. Finally, Wells Fargo & Company raised their target price on AutoZone from $2,850.00 to $3,000.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2,712.06.

AutoZone Stock Down 1.1 %

NYSE:AZO opened at $2,648.95 on Wednesday. The company has a market cap of $48.74 billion, a PE ratio of 21.78, a P/E/G ratio of 1.83 and a beta of 0.68. The business’s 50 day moving average is $2,565.43 and its two-hundred day moving average is $2,498.24. AutoZone has a 52 week low of $1,703.32 and a 52 week high of $2,750.00.

AutoZone (NYSE:AZO – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The company reported $24.64 earnings per share for the quarter, topping the consensus estimate of $21.33 by $3.31. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.56 billion. AutoZone had a net margin of 14.32% and a negative return on equity of 64.72%. AutoZone’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $22.30 earnings per share. As a group, sell-side analysts expect that AutoZone will post 127.94 EPS for the current fiscal year.

Insider Activity at AutoZone

In other AutoZone news, CEO William C. Rhodes III sold 29,511 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $2,427.27, for a total value of $71,631,164.97. Following the completion of the sale, the chief executive officer now owns 14,825 shares of the company’s stock, valued at $35,984,277.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO William C. Rhodes III sold 29,511 shares of the company’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $2,427.27, for a total value of $71,631,164.97. Following the sale, the chief executive officer now owns 14,825 shares in the company, valued at approximately $35,984,277.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dennis W. Leriche sold 1,420 shares of the stock in a transaction that occurred on Wednesday, April 12th. The stock was sold at an average price of $2,573.04, for a total value of $3,653,716.80. Following the completion of the sale, the vice president now directly owns 379 shares of the company’s stock, valued at $975,182.16. The disclosure for this sale can be found here. Insiders have sold a total of 36,960 shares of company stock valued at $90,128,092 in the last 90 days. 2.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Several institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. increased its position in AutoZone by 5,037.7% in the first quarter. Envestnet Asset Management Inc. now owns 1,392,892 shares of the company’s stock worth $58,264,000 after buying an additional 1,365,781 shares during the last quarter. Moneta Group Investment Advisors LLC increased its stake in shares of AutoZone by 107,977.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 699,260 shares of the company’s stock worth $1,724,500,000 after purchasing an additional 698,613 shares in the last quarter. Gateway Advisory LLC raised its position in shares of AutoZone by 250,309.8% in the first quarter. Gateway Advisory LLC now owns 535,877 shares of the company’s stock valued at $536,000 after purchasing an additional 535,663 shares during the period. Royal Bank of Canada lifted its stake in shares of AutoZone by 368.0% during the 1st 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 in the last quarter. Finally, Proficio Capital Partners LLC grew its stake in AutoZone by 241,813.5% in the 1st quarter. Proficio Capital Partners LLC now owns 304,811 shares of the company’s stock valued at $305,000 after buying an additional 304,685 shares in the last quarter. 91.12% of the stock is owned by institutional investors.

AutoZone Company Profile

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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.