Stock Repurchase Program Approved by AutoZone (NYSE:AZO) Board

AutoZone (NYSE:AZO) announced that its Board of Directors has approved a stock repurchase program on Wednesday, October 8th, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

AutoZone Trading Down 1.6%

Shares of AZO opened at $4,020.44 on Thursday. AutoZone has a twelve month low of $2,980.10 and a twelve month high of $4,388.11. The company has a market cap of $67.46 billion, a P/E ratio of 27.75, a P/E/G ratio of 1.91 and a beta of 0.40. The company’s fifty day simple moving average is $4,141.30 and its 200-day simple moving average is $3,851.18.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The firm had revenue of $6.24 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same period last year, the company earned $51.58 earnings per share. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts predict that AutoZone will post 152.94 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. BNP Paribas Exane increased their price target on AutoZone from $4,155.00 to $4,811.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. The Goldman Sachs Group upped their price objective on AutoZone from $3,894.00 to $4,090.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. Morgan Stanley upped their price target on shares of AutoZone from $4,000.00 to $4,700.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. TD Cowen upped their price target on shares of AutoZone from $4,300.00 to $4,900.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of AutoZone from $4,200.00 to $4,850.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $4,544.68.

Insider Activity at AutoZone

In related news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the transaction, the vice president owned 1,244 shares of the company’s stock, valued at $5,194,570.80. This trade represents a 69.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.