AutoZone (NYSE:AZO) had its price target boosted by research analysts at JPMorgan Chase & Co. to $880.00 in a note issued to investors on Wednesday, September 19th, The Fly reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.’s price objective would indicate a potential upside of 13.55% from the company’s previous close.
AZO has been the topic of a number of other research reports. Argus decreased their target price on AutoZone to $820.00 and set a “buy” rating on the stock in a research report on Thursday, August 30th. ValuEngine upgraded AutoZone from a “sell” rating to a “hold” rating in a research report on Thursday, May 24th. Zacks Investment Research upgraded AutoZone from a “hold” rating to a “buy” rating and set a $860.00 target price on the stock in a research report on Tuesday, August 28th. Wells Fargo & Co increased their target price on AutoZone from $700.00 to $800.00 and gave the company an “outperform” rating in a research report on Tuesday, June 12th. They noted that the move was a valuation call. Finally, Stephens upgraded AutoZone from an “equal weight” rating to an “overweight” rating and set a $875.00 target price on the stock in a research report on Wednesday, August 15th. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $773.95.
Shares of NYSE AZO opened at $774.96 on Wednesday. The company has a market cap of $20.51 billion, a PE ratio of 15.39, a PEG ratio of 1.10 and a beta of 0.88. AutoZone has a 12 month low of $560.82 and a 12 month high of $797.89. The company has a debt-to-equity ratio of -3.29, a quick ratio of 0.14 and a current ratio of 0.92.
AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, September 18th. The company reported $18.54 EPS for the quarter, topping analysts’ consensus estimates of $17.92 by $0.62. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.60 billion. AutoZone had a net margin of 11.92% and a negative return on equity of 99.70%. The business’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the company earned $15.27 EPS. As a group, analysts forecast that AutoZone will post 57.82 EPS for the current fiscal year.
AutoZone declared that its board has approved a stock repurchase program on Wednesday, September 26th that authorizes the company to buyback $1.25 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 6.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other news, insider Albert Saltiel sold 2,150 shares of AutoZone stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $717.90, for a total transaction of $1,543,485.00. Following the transaction, the insider now owns 2,297 shares in the company, valued at approximately $1,649,016.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider William W. Graves sold 18,900 shares of the firm’s stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $776.37, for a total value of $14,673,393.00. Following the sale, the insider now directly owns 3,450 shares of the company’s stock, valued at $2,678,476.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,250 shares of company stock worth $41,922,875. Insiders own 2.80% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Bank of Montreal Can increased its position in shares of AutoZone by 47.5% during the 3rd quarter. Bank of Montreal Can now owns 103,222 shares of the company’s stock worth $80,070,000 after purchasing an additional 33,226 shares during the last quarter. Peoples Financial Services CORP. increased its position in shares of AutoZone by 626.0% during the 3rd quarter. Peoples Financial Services CORP. now owns 363 shares of the company’s stock worth $282,000 after purchasing an additional 313 shares during the last quarter. Manning & Napier Group LLC increased its position in shares of AutoZone by 13.5% during the 3rd quarter. Manning & Napier Group LLC now owns 70,250 shares of the company’s stock worth $54,492,000 after purchasing an additional 8,345 shares during the last quarter. Lourd Capital LLC acquired a new stake in shares of AutoZone during the 3rd quarter worth about $291,000. Finally, Gyroscope Capital Management Group LLC increased its position in shares of AutoZone by 15.2% during the 3rd quarter. Gyroscope Capital Management Group LLC now owns 706 shares of the company’s stock worth $545,000 after purchasing an additional 93 shares during the last quarter. 91.62% 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. It offers 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. The company's products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, thermostats, starters and alternators, and water pumps.
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