AutoZone (NYSE:AZO) Raised to Buy at DA Davidson

AutoZone (NYSE:AZO) was upgraded by equities researchers at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage currently has a $4,192.00 price target on the stock, up from their prior price target of $3,500.00. DA Davidson’s price objective would indicate a potential upside of 16.25% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Argus cut shares of AutoZone from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. TD Cowen lifted their price objective on shares of AutoZone from $3,450.00 to $3,800.00 and gave the company a “buy” rating in a report on Monday, December 16th. Bank of America lifted their price objective on shares of AutoZone from $3,600.00 to $3,700.00 and gave the company a “neutral” rating in a report on Wednesday, March 5th. Morgan Stanley lifted their price objective on shares of AutoZone from $3,490.00 to $3,750.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Finally, Wedbush restated an “outperform” rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, sixteen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat, AutoZone has a consensus rating of “Moderate Buy” and an average target price of $3,683.36.

AutoZone Price Performance

Shares of AZO opened at $3,605.88 on Friday. AutoZone has a 1-year low of $2,728.97 and a 1-year high of $3,704.43. The stock has a market cap of $60.51 billion, a PE ratio of 24.09, a P/E/G ratio of 1.86 and a beta of 0.71. The firm has a 50-day simple moving average of $3,433.28 and a two-hundred day simple moving average of $3,258.73.

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

Insider Activity at AutoZone

In related news, SVP Bailey L. Childress sold 160 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total value of $568,000.00. Following the completion of the sale, the senior vice president now owns 50 shares in the company, valued at $177,500. This represents a 76.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Richard Craig Smith sold 2,850 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $3,610.00, for a total transaction of $10,288,500.00. Following the completion of the sale, the vice president now owns 2,924 shares of the company’s stock, valued at approximately $10,555,640. This trade represents a 49.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,721 shares of company stock worth $17,009,311 in the last 90 days. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On AutoZone

Several institutional investors have recently bought and sold shares of AZO. Headlands Technologies LLC acquired a new position in AutoZone in the 4th quarter valued at $29,000. Flagship Wealth Advisors LLC acquired a new position in AutoZone in the 4th quarter valued at $32,000. Harbour Investments Inc. increased its stake in AutoZone by 42.9% in the 4th quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock valued at $32,000 after buying an additional 3 shares during the period. Minot DeBlois Advisors LLC acquired a new position in AutoZone in the 4th quarter valued at $45,000. Finally, Darwin Wealth Management LLC acquired a new position in AutoZone in the 3rd quarter valued at $47,000. 92.74% of the stock is owned by institutional investors and hedge funds.

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.