AutoZone (NYSE:AZO) Reaches New 1-Year High – Should You Buy?

AutoZone, Inc. (NYSE:AZO) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $3,276.26 and last traded at $3,267.28, with a volume of 29744 shares traded. The stock had previously closed at $3,190.07.

Analyst Ratings Changes

Several research firms have commented on AZO. Wedbush reissued an “outperform” rating and set a $3,200.00 price target on shares of AutoZone in a research note on Thursday, September 19th. Redburn Atlantic raised AutoZone to a “strong-buy” rating in a research note on Tuesday, October 1st. Mizuho lifted their target price on shares of AutoZone from $3,280.00 to $3,350.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. DA Davidson reissued a “neutral” rating and set a $3,025.00 price target on shares of AutoZone in a research report on Monday, September 30th. Finally, UBS Group boosted their price objective on shares of AutoZone from $3,340.00 to $3,500.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $3,232.88.

AutoZone Trading Up 3.7 %

The stock has a 50 day moving average of $3,130.52 and a 200-day moving average of $3,047.40. The company has a market capitalization of $55.93 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.64 and a beta of 0.71.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $53.31 by ($5.20). The business had revenue of $6.21 billion for the quarter, compared to analysts’ expectations of $6.25 billion. AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $46.46 EPS. As a group, sell-side analysts expect that AutoZone, Inc. will post 155.97 EPS for the current fiscal year.

Insider Buying and Selling at AutoZone

In other news, Chairman William C. Rhodes III sold 13,000 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the sale, the chairman now owns 13,857 shares of the company’s stock, valued at approximately $43,055,777.55. This represents a 48.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Scott Murphy sold 1,580 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the sale, the vice president now directly owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. The trade was a 56.47 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,880 shares of company stock worth $46,225,660. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its stake in AutoZone by 186.8% in the third quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock worth $292,544,000 after acquiring an additional 60,483 shares during the period. Verde Capital Management acquired a new stake in AutoZone in the third quarter worth about $1,137,000. Mizuho Securities USA LLC grew its stake in shares of AutoZone by 592.0% during the third quarter. Mizuho Securities USA LLC now owns 9,210 shares of the company’s stock worth $29,012,000 after acquiring an additional 7,879 shares during the last quarter. Swedbank AB increased its holdings in shares of AutoZone by 5.6% during the second quarter. Swedbank AB now owns 16,524 shares of the company’s stock valued at $48,979,000 after acquiring an additional 869 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of AutoZone by 0.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 104,665 shares of the company’s stock valued at $329,699,000 after purchasing an additional 466 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

About AutoZone

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.