AutoZone (NYSE:AZO) Upgraded by Argus to Buy Rating

Argus upgraded shares of AutoZone (NYSE:AZO) from a hold rating to a buy rating in a research report released on Monday, MarketBeat Ratings reports. They currently have $4,325.00 price target on the stock.

Several other research analysts also recently weighed in on AZO. Zacks Research raised shares of AutoZone from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. Raymond James Financial dropped their price objective on AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating for the company in a research note on Wednesday, December 10th. TD Cowen reiterated a “buy” rating on shares of AutoZone in a research report on Monday, February 23rd. Wolfe Research downgraded AutoZone from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, December 16th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $4,400.00 price target on shares of AutoZone in a report on Wednesday, December 10th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,312.13.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,682.67 on Monday. The company has a market capitalization of $61.02 billion, a P/E ratio of 25.80, a P/E/G ratio of 1.86 and a beta of 0.41. AutoZone has a 1-year low of $3,210.72 and a 1-year high of $4,388.11. The firm’s 50 day simple moving average is $3,627.17 and its two-hundred day simple moving average is $3,813.72.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $27.59 by $0.04. The firm had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.31 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $28.29 earnings per share. On average, sell-side analysts anticipate that AutoZone will post 152.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Michael A. George acquired 145 shares of AutoZone stock in a transaction on Monday, December 22nd. The shares were acquired at an average price of $3,398.13 per share, with a total value of $492,728.85. Following the purchase, the director directly owned 566 shares in the company, valued at $1,923,341.58. The trade was a 34.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Earl G. Graves, Jr. sold 250 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $3,295.00, for a total value of $823,750.00. Following the sale, the director directly owned 4,887 shares in the company, valued at $16,102,665. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders bought 347 shares of company stock valued at $1,179,256 and sold 9,447 shares valued at $34,179,923. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Several large investors have recently bought and sold shares of AZO. Pure Financial Advisors LLC raised its stake in AutoZone by 2.4% during the fourth quarter. Pure Financial Advisors LLC now owns 127 shares of the company’s stock valued at $430,000 after purchasing an additional 3 shares in the last quarter. Stenger Family Office LLC lifted its position in AutoZone by 15.9% during the fourth quarter. Stenger Family Office LLC now owns 779 shares of the company’s stock valued at $2,642,000 after purchasing an additional 107 shares during the last quarter. S Harris Financial Group LLC purchased a new position in shares of AutoZone in the 4th quarter worth $298,000. Reflection Asset Management purchased a new position in shares of AutoZone in the 4th quarter worth $68,000. Finally, Sankala Group LLC bought a new stake in shares of AutoZone in the 4th quarter worth about $627,000. 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.