AutoZone (NYSE:AZO) Rating Increased to Buy at DA Davidson

DA Davidson upgraded shares of AutoZone (NYSE:AZO) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, Marketbeat.com reports. They currently have $4,192.00 target price on the stock, up from their previous target price of $3,500.00.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of AutoZone from $3,775.00 to $3,830.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. UBS Group boosted their target price on shares of AutoZone from $3,875.00 to $4,025.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Wells Fargo & Company increased their price target on shares of AutoZone from $3,750.00 to $3,850.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Guggenheim boosted their price objective on AutoZone from $3,750.00 to $3,850.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Finally, Truist Financial raised their price objective on AutoZone from $3,753.00 to $3,841.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, sixteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and an average target price of $3,683.36.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,605.88 on Friday. The company has a market cap of $60.51 billion, a P/E ratio of 24.09, a P/E/G ratio of 1.86 and a beta of 0.71. AutoZone has a 52-week low of $2,728.97 and a 52-week high of $3,704.43. The firm’s fifty day moving average is $3,433.28 and its two-hundred day moving average is $3,257.92.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, March 4th. The company reported $28.29 EPS for the quarter, missing analysts’ consensus estimates of $29.11 by ($0.82). The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.98 billion. AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. As a group, analysts forecast that AutoZone will post 152.94 EPS for the current fiscal year.

Insider Activity

In other news, VP Richard Craig Smith sold 2,850 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $3,610.00, for a total value of $10,288,500.00. Following the sale, the vice president now directly owns 2,924 shares in the company, valued at approximately $10,555,640. This trade represents a 49.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Dennis W. Leriche sold 1,575 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $3,600.00, for a total transaction of $5,670,000.00. Following the transaction, the vice president now owns 417 shares of the company’s stock, valued at approximately $1,501,200. This trade represents a 79.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,721 shares of company stock worth $17,009,311. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Institutional investors and hedge funds have recently bought and sold shares of the company. Pittenger & Anderson Inc. boosted its position in shares of AutoZone by 5.2% in the 4th quarter. Pittenger & Anderson Inc. now owns 61 shares of the company’s stock worth $195,000 after purchasing an additional 3 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its holdings in AutoZone by 2.0% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 152 shares of the company’s stock worth $487,000 after acquiring an additional 3 shares in the last quarter. PDS Planning Inc grew its stake in shares of AutoZone by 2.3% during the fourth quarter. PDS Planning Inc now owns 132 shares of the company’s stock worth $423,000 after acquiring an additional 3 shares during the last quarter. Harbour Investments Inc. increased its holdings in shares of AutoZone by 42.9% during the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock valued at $32,000 after acquiring an additional 3 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its position in shares of AutoZone by 0.8% in the 4th quarter. Meeder Advisory Services Inc. now owns 371 shares of the company’s stock valued at $1,188,000 after purchasing an additional 3 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

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.