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

Shares of AutoZone, Inc. (NYSE:AZO) have been given a consensus rating of “Moderate Buy” by the twenty-seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation, twenty have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $4,040.8696.

A number of research firms have recently weighed in on AZO. Evercore restated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Guggenheim cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. JPMorgan Chase & Co. reduced their target price on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. The Goldman Sachs Group decreased their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th.

AutoZone Price Performance

NYSE AZO opened at $2,923.23 on Friday. The business has a fifty day moving average price of $3,108.82 and a two-hundred day moving average price of $3,405.28. The stock has a market capitalization of $47.74 billion, a PE ratio of 20.10, a PEG ratio of 1.51 and a beta of 0.33. AutoZone has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same quarter last year, the company posted $35.36 EPS. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, sell-side analysts expect that AutoZone will post 150.39 earnings per share for the current year.

AutoZone announced that its Board of Directors has authorized a stock repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On AutoZone

A number of institutional investors have recently made changes to their positions in AZO. Tema ETFs LLC increased its stake in shares of AutoZone by 13.9% in the second quarter. Tema ETFs LLC now owns 320 shares of the company’s stock valued at $1,023,000 after buying an additional 39 shares during the period. E. Ohman J or Asset Management AB lifted its stake in shares of AutoZone by 13.3% in the second quarter. E. Ohman J or Asset Management AB now owns 519 shares of the company’s stock worth $1,659,000 after acquiring an additional 61 shares during the period. Chesley Taft & Associates LLC lifted its stake in shares of AutoZone by 1.2% in the second quarter. Chesley Taft & Associates LLC now owns 6,569 shares of the company’s stock worth $20,994,000 after acquiring an additional 78 shares during the period. Czech National Bank boosted its holdings in AutoZone by 3.9% in the second quarter. Czech National Bank now owns 4,690 shares of the company’s stock valued at $14,989,000 after acquiring an additional 178 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in AutoZone by 34.3% in the second quarter. Assenagon Asset Management S.A. now owns 24,458 shares of the company’s stock valued at $78,166,000 after acquiring an additional 6,242 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Company Profile

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.