AutoZone (NYSE:AZO) Hits New 1-Year High – Time to Buy?

AutoZone, Inc. (NYSE:AZO)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $3,916.81 and last traded at $3,846.09, with a volume of 16174 shares changing hands. The stock had previously closed at $3,809.26.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on AZO shares. Bank of America lifted their price objective on AutoZone from $3,600.00 to $3,700.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 5th. Citigroup boosted their price objective on shares of AutoZone from $3,500.00 to $3,900.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Barclays raised their target price on shares of AutoZone from $3,024.00 to $3,585.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. Raymond James reiterated a “strong-buy” rating on shares of AutoZone in a report on Wednesday, March 5th. Finally, BMO Capital Markets raised their price objective on AutoZone from $3,700.00 to $3,850.00 and gave the stock an “outperform” rating in a report on Wednesday, March 5th. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3,724.00.

AutoZone Stock Performance

The company’s fifty day simple moving average is $3,531.36 and its two-hundred day simple moving average is $3,301.82. The company has a market capitalization of $61.32 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 1.86 and a beta of 0.54.

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

Insider Buying and Selling at AutoZone

In related news, CEO Philip B. Daniele sold 2,000 shares of the stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $3,800.01, for a total transaction of $7,600,020.00. Following the sale, the chief executive officer now owns 163 shares in the company, valued at $619,401.63. This represents a 92.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bailey L. Childress sold 160 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3,550.00, for a total transaction of $568,000.00. Following the completion of the transaction, the senior vice president now directly owns 50 shares in the company, valued at $177,500. This represents a 76.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,721 shares of company stock worth $24,609,331 over the last 90 days. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC bought a new position in shares of AutoZone during the fourth quarter worth about $29,000. Flagship Wealth Advisors LLC acquired a new position in AutoZone during the 4th quarter valued at about $32,000. Harbour Investments Inc. increased its stake in shares of AutoZone by 42.9% in the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock valued at $32,000 after purchasing an additional 3 shares during the period. Minot DeBlois Advisors LLC acquired a new stake in shares of AutoZone in the fourth quarter valued at approximately $45,000. Finally, Itau Unibanco Holding S.A. raised its holdings in shares of AutoZone by 750.0% during the fourth quarter. Itau Unibanco Holding S.A. now owns 17 shares of the company’s stock valued at $54,000 after buying an additional 15 shares during the last quarter. 92.74% of the stock is currently owned by 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.