AutoZone (NYSE:AZO)‘s stock had its “buy” rating reaffirmed by investment analysts at Wells Fargo & Co in a research report issued on Tuesday. They currently have a $700.00 target price on the stock. Wells Fargo & Co’s target price points to a potential upside of 12.52% from the company’s current price.
Several other research firms have also recently issued reports on AZO. Wedbush raised AutoZone from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $670.00 to $750.00 in a research note on Thursday, April 5th. Argus increased their price target on AutoZone from $675.00 to $875.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Citigroup decreased their price target on AutoZone from $820.00 to $790.00 and set a “buy” rating for the company in a research note on Thursday, March 1st. Goldman Sachs Group raised AutoZone from a “buy” rating to a “conviction-buy” rating and set a $491.13 price target for the company in a research note on Monday, May 7th. Finally, ValuEngine cut AutoZone from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $738.85.
AutoZone opened at $622.09 on Tuesday, Marketbeat.com reports. AutoZone has a 1 year low of $491.13 and a 1 year high of $797.89. The firm has a market capitalization of $18.12 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 0.99 and a beta of 0.85. The company has a quick ratio of 0.15, a current ratio of 0.98 and a debt-to-equity ratio of -3.79.
AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 22nd. The company reported $13.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $12.99 by $0.43. AutoZone had a negative return on equity of 88.86% and a net margin of 12.00%. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter in the prior year, the business posted $11.44 earnings per share. The company’s revenue for the quarter was down 13.7% compared to the same quarter last year. sell-side analysts predict that AutoZone will post 48.89 earnings per share for the current year.
AutoZone announced that its Board of Directors has approved a stock repurchase plan on Tuesday, March 20th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, Director Douglas H. Brooks bought 162 shares of AutoZone stock in a transaction dated Monday, April 16th. The stock was acquired at an average cost of $607.49 per share, with a total value of $98,413.38. Following the completion of the acquisition, the director now directly owns 1,904 shares in the company, valued at approximately $1,156,660.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.80% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Midas Management Corp purchased a new stake in shares of AutoZone during the fourth quarter valued at $3,522,000. Delta Asset Management LLC TN lifted its holdings in shares of AutoZone by 82.4% during the fourth quarter. Delta Asset Management LLC TN now owns 664 shares of the company’s stock valued at $472,000 after purchasing an additional 300 shares during the last quarter. BB&T Corp purchased a new stake in shares of AutoZone during the fourth quarter valued at $220,000. Shell Asset Management Co. purchased a new stake in shares of AutoZone during the fourth quarter valued at $6,084,000. Finally, American International Group Inc. lifted its holdings in shares of AutoZone by 11.9% during the fourth quarter. American International Group Inc. now owns 9,351 shares of the company’s stock valued at $6,652,000 after purchasing an additional 994 shares during the last quarter. 88.96% of the stock is owned by institutional investors and hedge funds.
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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