AutoZone, Inc. (NYSE:AZO) Given Average Rating of “Moderate Buy” by Analysts

AutoZone, Inc. (NYSE:AZO) has received a consensus recommendation of “Moderate Buy” from the thirty brokerages that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, twenty-six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $4,551.56.

Several equities analysts have recently commented on the stock. Citigroup lowered their price objective on shares of AutoZone from $4,900.00 to $4,775.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. JPMorgan Chase & Co. upped their price target on AutoZone from $4,200.00 to $4,850.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. The Goldman Sachs Group upgraded AutoZone from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $4,090.00 to $4,262.00 in a report on Thursday. Gabelli reiterated a “buy” rating on shares of AutoZone in a research report on Thursday, November 6th. Finally, Zacks Research downgraded AutoZone from a “hold” rating to a “strong sell” rating in a report on Friday, September 26th.

AutoZone Price Performance

Shares of AutoZone stock opened at $3,854.18 on Friday. AutoZone has a 1 year low of $3,036.40 and a 1 year high of $4,388.11. The company has a 50 day simple moving average of $4,010.96 and a two-hundred day simple moving average of $3,890.44. The firm has a market cap of $64.11 billion, a PE ratio of 26.60, a PEG ratio of 1.75 and a beta of 0.37.

AutoZone (NYSE:AZO) last announced 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 net margin of 13.19% and a negative return on equity of 60.49%. The firm had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $6.26 billion. During the same period in the prior year, the business posted $51.58 earnings per share. The business’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts anticipate that AutoZone will post 152.94 earnings per share for the current year.

AutoZone declared that its board has approved a share buyback plan on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other AutoZone news, CEO Philip B. Daniele sold 2,533 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the transaction, the chief executive officer owned 55 shares of the company’s stock, valued at approximately $221,148.40. This trade represents a 97.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP K. Michelle Borninkhof sold 300 shares of AutoZone stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the transaction, the senior vice president directly owned 416 shares of the company’s stock, valued at approximately $1,570,400. This represents a 41.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,693 shares of company stock worth $23,259,891 in the last three months. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Several hedge funds and other institutional investors have recently modified their holdings of AZO. Raleigh Capital Management Inc. bought a new stake in shares of AutoZone in the third quarter worth $26,000. AlphaCore Capital LLC purchased a new stake in shares of AutoZone during the 1st quarter valued at about $27,000. Saudi Central Bank bought a new position in shares of AutoZone in the 1st quarter worth approximately $27,000. Global Trust Asset Management LLC lifted its stake in shares of AutoZone by 600.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after purchasing an additional 6 shares during the period. Finally, Aspect Partners LLC boosted its holdings in shares of AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after buying an additional 7 shares during the last quarter. 92.74% of the stock is owned by institutional investors.

About AutoZone

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.