AutoZone (AZO) Rating Reiterated by Barclays

AutoZone (NYSE:AZO)‘s stock had its “buy” rating reissued by equities research analysts at Barclays in a research note issued on Wednesday. They presently have a $950.00 target price on the stock. Barclays’ target price would suggest a potential upside of 9.36% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Argus cut their target price on shares of AutoZone to $820.00 and set a “buy” rating for the company in a research note on Thursday, August 30th. Zacks Investment Research upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $860.00 target price for the company in a research note on Tuesday, August 28th. Citigroup lifted their target price on shares of AutoZone from $765.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 19th. Stephens reiterated a “buy” rating and issued a $825.00 target price on shares of AutoZone in a research note on Wednesday, September 19th. They noted that the move was a valuation call. Finally, Deutsche Bank set a $940.00 target price on shares of AutoZone and gave the company a “buy” rating in a research note on Monday, November 26th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $866.74.

NYSE:AZO opened at $868.68 on Wednesday. AutoZone has a 1 year low of $590.76 and a 1 year high of $894.37. The company has a market capitalization of $22.49 billion, a PE ratio of 17.26, a PEG ratio of 1.28 and a beta of 0.89.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 4th. The company reported $13.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.21 by $1.26. AutoZone had a net margin of 12.49% and a negative return on equity of 102.31%. The company 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 company posted $10.00 earnings per share. AutoZone’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts forecast that AutoZone will post 58.58 EPS for the current fiscal year.

AutoZone declared that its board has authorized a stock repurchase program on Wednesday, September 26th that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the company to buy up to 6.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, VP Charles Pleas III sold 9,500 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $759.85, for a total value of $7,218,575.00. Following the completion of the transaction, the vice president now owns 13,862 shares in the company, valued at approximately $10,533,040.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman William C. Rhodes III sold 23,700 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $780.06, for a total transaction of $18,487,422.00. Following the completion of the transaction, the chairman now owns 37,918 shares of the company’s stock, valued at approximately $29,578,315.08. The disclosure for this sale can be found here. Insiders sold a total of 60,487 shares of company stock valued at $46,667,608 in the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of AZO. JPMorgan Chase & Co. raised its position in shares of AutoZone by 4.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,034,551 shares of the company’s stock valued at $1,578,202,000 after acquiring an additional 84,961 shares during the last quarter. BlackRock Inc. raised its position in shares of AutoZone by 0.6% during the 3rd quarter. BlackRock Inc. now owns 1,870,411 shares of the company’s stock valued at $1,450,879,000 after acquiring an additional 11,896 shares during the last quarter. FMR LLC raised its position in shares of AutoZone by 3.0% during the 3rd quarter. FMR LLC now owns 1,353,751 shares of the company’s stock valued at $1,050,105,000 after acquiring an additional 39,048 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of AutoZone by 6.6% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 878,313 shares of the company’s stock valued at $589,287,000 after acquiring an additional 54,350 shares during the last quarter. Finally, Burgundy Asset Management Ltd. raised its position in shares of AutoZone by 2.3% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 615,202 shares of the company’s stock valued at $412,757,000 after acquiring an additional 13,890 shares during the last quarter. Hedge funds and other institutional investors own 92.10% of the company’s stock.

AutoZone Company Profile

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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Analyst Recommendations for AutoZone (NYSE:AZO)

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