AutoZone (NYSE:AZO) Sets New 1-Year High – Here’s Why

AutoZone, Inc. (NYSE:AZO) hit a new 52-week high on Friday . The company traded as high as $3,500.00 and last traded at $3,475.68, with a volume of 11636 shares traded. The stock had previously closed at $3,444.69.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AZO. Evercore ISI boosted their price objective on shares of AutoZone from $3,400.00 to $3,450.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Argus boosted their target price on shares of AutoZone from $3,560.00 to $3,678.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. TD Cowen boosted their target price on shares of AutoZone from $3,450.00 to $3,800.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Truist Financial boosted their target price on shares of AutoZone from $3,501.00 to $3,753.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Finally, Mizuho boosted their target price on shares of AutoZone from $3,350.00 to $3,600.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3,429.84.

AutoZone Trading Up 1.2 %

The firm has a market cap of $58.47 billion, a PE ratio of 23.28, a PEG ratio of 1.86 and a beta of 0.70. The firm’s 50 day simple moving average is $3,332.11 and its 200 day simple moving average is $3,214.44.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $33.69 by ($1.17). The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.30 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $32.55 earnings per share. As a group, equities research analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Institutional Trading of AutoZone

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in AutoZone by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 421,716 shares of the company’s stock worth $1,326,545,000 after purchasing an additional 7,365 shares during the period. Proficio Capital Partners LLC raised its position in AutoZone by 482,040.2% in the 4th quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company’s stock worth $1,343,117,000 after purchasing an additional 419,375 shares during the period. Price T Rowe Associates Inc. MD raised its position in AutoZone by 5.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 324,616 shares of the company’s stock worth $1,039,421,000 after purchasing an additional 17,518 shares during the period. Norges Bank purchased a new stake in AutoZone in the 4th quarter worth about $834,556,000. Finally, PineStone Asset Management Inc. raised its position in AutoZone by 6.9% in the 4th quarter. PineStone Asset Management Inc. now owns 213,575 shares of the company’s stock worth $683,867,000 after purchasing an additional 13,771 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

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.