Wedbush Reiterates “Outperform” Rating for AutoZone (NYSE:AZO)

AutoZone (NYSE:AZO)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a report released on Wednesday, Benzinga reports. They presently have a $3,200.00 price objective on the stock. Wedbush’s target price points to a potential upside of 10.91% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Barclays dropped their price target on shares of AutoZone from $3,100.00 to $3,024.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Evercore ISI reduced their price target on AutoZone from $3,278.00 to $3,275.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Morgan Stanley dropped their price objective on AutoZone from $3,100.00 to $3,038.00 and set an “overweight” rating on the stock in a report on Wednesday, May 22nd. Guggenheim lifted their price target on shares of AutoZone from $3,150.00 to $3,225.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Finally, StockNews.com downgraded shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Friday, April 12th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus price target of $3,112.71.

AutoZone Trading Up 1.0 %

Shares of AutoZone stock opened at $2,885.15 on Wednesday. The stock has a market capitalization of $49.29 billion, a P/E ratio of 19.95, a PEG ratio of 1.42 and a beta of 0.71. The business’s fifty day moving average price is $2,872.99 and its 200 day moving average price is $2,875.94. AutoZone has a twelve month low of $2,375.35 and a twelve month high of $3,256.37.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 21st. The company reported $36.69 EPS for the quarter, beating analysts’ consensus estimates of $35.67 by $1.02. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the firm posted $34.12 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that AutoZone will post 151.57 EPS for the current year.

Insider Buying and Selling

In other news, VP Jenna M. Bedsole acquired 36 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was acquired at an average price of $2,757.10 per share, for a total transaction of $99,255.60. Following the completion of the acquisition, the vice president now directly owns 36 shares in the company, valued at approximately $99,255.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

A number of hedge funds have recently modified their holdings of AZO. Townsquare Capital LLC purchased a new position in shares of AutoZone in the third quarter worth approximately $1,041,000. Comerica Bank raised its stake in AutoZone by 32.0% during the 3rd quarter. Comerica Bank now owns 6,486 shares of the company’s stock valued at $16,474,000 after purchasing an additional 1,573 shares during the period. Wellington Management Group LLP lifted its holdings in shares of AutoZone by 111.4% in the third quarter. Wellington Management Group LLP now owns 335,190 shares of the company’s stock valued at $851,379,000 after purchasing an additional 176,623 shares in the last quarter. VisionPoint Advisory Group LLC boosted its position in shares of AutoZone by 40.9% in the third quarter. VisionPoint Advisory Group LLC now owns 93 shares of the company’s stock worth $236,000 after buying an additional 27 shares during the period. Finally, Anchor Investment Management LLC purchased a new position in shares of AutoZone during the fourth quarter valued at $2,443,000. 92.74% of the stock is currently 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.