Guggenheim Forecasts Strong Price Appreciation for AutoZone (NYSE:AZO) Stock

AutoZone (NYSE:AZO) had its price target raised by stock analysts at Guggenheim from $3,350.00 to $3,750.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 12.08% from the company’s previous close.

Several other research firms have also recently issued reports on AZO. DA Davidson reissued a “neutral” rating and set a $3,025.00 price target on shares of AutoZone in a report on Monday, September 30th. Truist Financial increased their target price on AutoZone from $3,501.00 to $3,753.00 and gave the stock a “buy” rating in a research note on Wednesday. The Goldman Sachs Group downgraded AutoZone from a “buy” rating to a “sell” rating and decreased their price target for the company from $3,205.00 to $2,917.00 in a research note on Monday, October 14th. BNP Paribas upgraded AutoZone to a “strong-buy” rating in a research report on Wednesday, September 25th. Finally, Evercore ISI boosted their target price on shares of AutoZone from $3,300.00 to $3,350.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3,339.25.

AutoZone Trading Up 0.1 %

Shares of AZO stock opened at $3,345.71 on Wednesday. The company has a market capitalization of $56.56 billion, a P/E ratio of 22.35, a price-to-earnings-growth ratio of 1.70 and a beta of 0.71. The business’s 50 day moving average is $3,142.71 and its two-hundred day moving average is $3,059.09. AutoZone has a twelve month low of $2,510.00 and a twelve month high of $3,416.71.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, December 10th. The company reported $32.52 earnings per share for the quarter, missing analysts’ consensus estimates of $33.69 by ($1.17). The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.30 billion. AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $32.55 earnings per share. As a group, equities analysts predict that AutoZone will post 155.79 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman William C. Rhodes III sold 300 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $3,075.20, for a total value of $922,560.00. Following the completion of the transaction, the chairman now owns 13,857 shares of the company’s stock, valued at $42,613,046.40. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John Scott Murphy sold 1,580 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 1,218 shares in the company, valued at approximately $3,785,166.42. This trade represents a 56.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,880 shares of company stock worth $46,225,660 over the last ninety days. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AutoZone

Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC grew its holdings in AutoZone by 354,692.5% in the 3rd quarter. International Assets Investment Management LLC now owns 993,419 shares of the company’s stock valued at $31,293,100,000 after buying an additional 993,139 shares during the period. Geode Capital Management LLC boosted its position in shares of AutoZone by 1.8% in the third quarter. Geode Capital Management LLC now owns 421,716 shares of the company’s stock worth $1,326,545,000 after acquiring an additional 7,365 shares during the last quarter. Marshfield Associates grew its holdings in AutoZone by 0.5% in the third quarter. Marshfield Associates now owns 169,586 shares of the company’s stock valued at $534,204,000 after purchasing an additional 796 shares during the period. Legal & General Group Plc increased its position in AutoZone by 2.3% during the second quarter. Legal & General Group Plc now owns 150,698 shares of the company’s stock worth $446,684,000 after purchasing an additional 3,382 shares during the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in shares of AutoZone in the 2nd quarter valued at $424,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

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.