AutoZone, Inc. (NYSE:AZO) – Analysts at Wedbush lifted their Q2 2019 earnings estimates for shares of AutoZone in a note issued to investors on Wednesday, December 5th. Wedbush analyst S. Basham now anticipates that the company will post earnings per share of $10.09 for the quarter, up from their previous forecast of $9.96. Wedbush currently has a “Buy” rating and a $870.00 target price on the stock. Wedbush also issued estimates for AutoZone’s Q3 2019 earnings at $15.14 EPS, Q4 2019 earnings at $21.80 EPS, FY2019 earnings at $60.50 EPS, Q1 2020 earnings at $14.59 EPS, Q2 2020 earnings at $11.29 EPS, Q3 2020 earnings at $16.96 EPS, Q4 2020 earnings at $22.65 EPS, FY2020 earnings at $65.49 EPS and FY2021 earnings at $73.02 EPS.
AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, December 4th. The company reported $13.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $12.21 by $1.26. AutoZone had a negative return on equity of 102.31% and a net margin of 12.49%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the previous year, the business earned $10.00 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis.
AZO has been the subject of several other research reports. Zacks Investment Research cut AutoZone from a “buy” rating to a “hold” rating in a research note on Monday. Morgan Stanley boosted their price target on AutoZone from $760.00 to $800.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 6th. Credit Suisse Group set a $854.00 price target on AutoZone and gave the stock a “buy” rating in a research note on Wednesday, November 28th. Deutsche Bank set a $940.00 price target on AutoZone and gave the stock a “buy” rating in a research note on Monday, November 26th. Finally, Argus decreased their price target on AutoZone to $820.00 and set a “buy” rating for the company in a research note on Thursday, August 30th. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. AutoZone currently has a consensus rating of “Buy” and an average price target of $839.71.
AZO stock opened at $880.07 on Thursday. AutoZone has a 1-year low of $590.76 and a 1-year high of $894.37. The firm has a market capitalization of $22.49 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89.
AutoZone announced that its board has initiated a stock buyback plan on Wednesday, September 26th that authorizes the company to buyback $1.25 billion in shares. This buyback authorization authorizes the company to buy up to 6.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
In related news, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total value of $2,241,450.00. Following the completion of the sale, the director now owns 8,268 shares of the company’s stock, valued at $6,177,436.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Charles Pleas III sold 9,500 shares of AutoZone stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $759.85, for a total value of $7,218,575.00. Following the completion of the sale, the vice president now directly owns 13,862 shares of the company’s stock, valued at approximately $10,533,040.70. The disclosure for this sale can be found here. Insiders sold 60,487 shares of company stock valued at $46,667,608 in the last ninety days. 2.80% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Great Lakes Advisors LLC grew its holdings in AutoZone by 1.0% during the third quarter. Great Lakes Advisors LLC now owns 2,037 shares of the company’s stock valued at $1,580,000 after purchasing an additional 20 shares during the period. Bronfman E.L. Rothschild L.P. grew its holdings in AutoZone by 29.8% during the third quarter. Bronfman E.L. Rothschild L.P. now owns 305 shares of the company’s stock valued at $237,000 after purchasing an additional 70 shares during the period. Morningstar Investment Services LLC grew its holdings in AutoZone by 8.6% during the third quarter. Morningstar Investment Services LLC now owns 994 shares of the company’s stock valued at $771,000 after purchasing an additional 79 shares during the period. Tyers Asset Management LLC grew its holdings in AutoZone by 3.1% during the second quarter. Tyers Asset Management LLC now owns 2,640 shares of the company’s stock valued at $1,771,000 after purchasing an additional 80 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in AutoZone by 2.0% during the second quarter. Oppenheimer & Co. Inc. now owns 4,718 shares of the company’s stock valued at $3,165,000 after purchasing an additional 93 shares during the period. 92.10% of the stock is owned by institutional investors.
AutoZone Inc retails and distributes automotive replacement parts and accessories. The company 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. Its 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, starters and alternators, thermostats, and water pumps.
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