JPMorgan Chase & Co. Issues Positive Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO) had its price target increased by JPMorgan Chase & Co. from $4,100.00 to $4,300.00 in a report issued on Thursday, MarketBeat.com reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on AZO. Zacks Research raised AutoZone from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. UBS Group reissued a “buy” rating and set a $4,555.00 price objective on shares of AutoZone in a research report on Wednesday, February 4th. BMO Capital Markets decreased their target price on shares of AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating for the company in a report on Wednesday, December 10th. Citigroup dropped their target price on shares of AutoZone from $4,775.00 to $4,200.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. Finally, Truist Financial reduced their price target on shares of AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4,279.58.

AutoZone Stock Performance

Shares of AZO opened at $3,656.92 on Thursday. AutoZone has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11. The firm’s 50-day simple moving average is $3,587.34 and its two-hundred day simple moving average is $3,833.70. The stock has a market cap of $60.60 billion, a PE ratio of 25.50, a price-to-earnings-growth ratio of 1.74 and a beta of 0.41.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same period in the prior year, the firm earned $32.52 earnings per share. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities research analysts predict that AutoZone will post 152.94 EPS for the current year.

Insiders Place Their Bets

In other news, Director Michael A. George acquired 145 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was bought at an average price of $3,398.13 per share, with a total value of $492,728.85. Following the completion of the acquisition, the director directly owned 566 shares of the company’s stock, valued at approximately $1,923,341.58. The trade was a 34.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Hannasch bought 147 shares of the stock in a transaction on Thursday, December 18th. The stock was purchased at an average cost of $3,393.09 per share, for a total transaction of $498,784.23. Following the acquisition, the director owned 962 shares of the company’s stock, valued at $3,264,152.58. This trade represents a 18.04% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 347 shares of company stock worth $1,179,256 and have sold 9,447 shares worth $34,179,923. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Hedge funds and other institutional investors have recently made changes to their positions in the business. Turning Point Benefit Group Inc. purchased a new position in shares of AutoZone in the third quarter worth approximately $25,000. Raleigh Capital Management Inc. purchased a new position in shares of AutoZone during the 3rd quarter worth $26,000. Torren Management LLC bought a new stake in shares of AutoZone during the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC grew its position in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after acquiring an additional 4 shares during the period. Finally, Aspect Partners LLC increased its stake in shares of AutoZone by 700.0% in the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after purchasing an additional 7 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.