AutoZone (NYSE:AZO) Price Target Increased to $2,120.00 by Analysts at Bank of America

Posted by Defense World Staff on May 25th, 2023

AutoZone (NYSE:AZO – Get Rating) had its price target increased by Bank of America from $1,890.00 to $2,120.00 in a research note released on Wednesday, The Fly reports.

A number of other research firms also recently weighed in on AZO. Roth Capital reaffirmed a buy rating on shares of AutoZone in a research report on Tuesday, February 28th. JPMorgan Chase & Co. upped their price target on AutoZone from $2,750.00 to $2,975.00 in a research report on Friday, May 12th. Wedbush upped their price target on AutoZone from $2,600.00 to $2,750.00 in a research report on Monday. Wells Fargo & Company upped their price target on AutoZone from $2,850.00 to $3,000.00 in a research report on Monday, May 15th. Finally, Raymond James upped their price target on AutoZone from $2,650.00 to $2,850.00 and gave the stock an outperform rating in a research report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $2,683.56.

AutoZone Stock Performance

Shares of AZO opened at $2,423.62 on Wednesday. The stock has a 50 day simple moving average of $2,574.74 and a 200 day simple moving average of $2,499.42. AutoZone has a 52-week low of $1,882.18 and a 52-week high of $2,750.00. The firm has a market capitalization of $44.59 billion, a PE ratio of 19.93, a P/E/G ratio of 1.79 and a beta of 0.68.

AutoZone (NYSE:AZO – Get Rating) last issued its quarterly earnings data on Tuesday, May 23rd. The company reported $34.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $30.84 by $3.28. AutoZone had a negative return on equity of 64.72% and a net margin of 14.32%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.12 billion. During the same period in the previous year, the firm earned $29.03 EPS. AutoZone’s quarterly revenue was up 11.0% compared to the same quarter last year. Equities research analysts predict that AutoZone will post 127.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other AutoZone news, VP Grant E. Mcgee sold 1,575 shares of the stock in a transaction on Monday, March 6th. The stock was sold at an average price of $2,511.63, for a total transaction of $3,955,817.25. Following the transaction, the vice president now owns 246 shares in the company, valued at approximately $617,860.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other AutoZone news, CEO William C. Rhodes III sold 29,511 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $2,427.27, for a total transaction of $71,631,164.97. Following the transaction, 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 can be accessed through this link. Also, VP Grant E. Mcgee sold 1,575 shares of the stock in a transaction on Monday, March 6th. The stock was sold at an average price of $2,511.63, for a total value of $3,955,817.25. Following the transaction, the vice president now owns 246 shares in the company, valued at approximately $617,860.98. The disclosure for this sale can be found here. Insiders have sold 36,960 shares of company stock worth $90,128,092 in the last 90 days. Company insiders own 2.59% of the company’s stock.

Institutional Trading of AutoZone

Several large investors have recently modified their holdings of AZO. RB Capital Management LLC acquired a new stake in AutoZone in the first quarter valued at about $274,000. Fairfield Bush & CO. acquired a new stake in AutoZone in the first quarter valued at about $57,000. Roundview Capital LLC boosted its stake in AutoZone by 8.1% in the first quarter. Roundview Capital LLC now owns 426 shares of the company’s stock valued at $871,000 after buying an additional 32 shares in the last quarter. Cetera Advisor Networks LLC boosted its stake in AutoZone by 31.7% in the first quarter. Cetera Advisor Networks LLC now owns 237 shares of the company’s stock valued at $485,000 after buying an additional 57 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in AutoZone by 24.4% in the first quarter. Sei Investments Co. now owns 12,966 shares of the company’s stock valued at $26,331,000 after buying an additional 2,545 shares in the last quarter. 91.12% of the stock is owned by institutional investors and hedge funds.

About AutoZone

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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.