Citigroup Increases AutoZone (AZO) Price Target to $985.00

AutoZone (NYSE:AZO) had its price objective lifted by Citigroup from $850.00 to $985.00 in a research report report published on Monday morning. The firm currently has a buy rating on the stock.

AZO has been the subject of a number of other reports. Morgan Stanley increased their target price on shares of AutoZone from $760.00 to $800.00 and gave the company an equal weight rating in a research report on Tuesday, November 6th. Credit Suisse Group set a $854.00 target price on shares of AutoZone and gave the company a buy rating in a research report on Wednesday, November 28th. Deutsche Bank set a $940.00 target price on shares of AutoZone and gave the company a buy rating in a research report on Monday, November 26th. Wedbush set a $870.00 target price on shares of AutoZone and gave the company a buy rating in a research report on Wednesday, November 21st. Finally, Argus reduced their target price on shares of AutoZone to $820.00 and set a buy rating for the company in a research report on Thursday, August 30th. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $866.74.

Shares of NYSE AZO opened at $868.68 on Monday. The stock has a market capitalization of $22.49 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89. AutoZone has a 52 week low of $590.76 and a 52 week high of $894.37.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, December 4th. The company reported $13.47 EPS for the quarter, beating the Zacks’ consensus estimate of $12.21 by $1.26. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. AutoZone had a net margin of 12.49% and a negative return on equity of 102.31%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $10.00 earnings per share. Sell-side analysts anticipate that AutoZone will post 58.25 EPS for the current fiscal year.

AutoZone announced that its board has initiated a stock buyback program on Wednesday, September 26th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the company to purchase up to 6.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, VP Charles Pleas III sold 9,500 shares of the firm’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $759.85, for a total transaction of $7,218,575.00. Following the completion of the sale, the vice president now directly owns 13,862 shares in the company, valued at $10,533,040.70. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman William C. Rhodes III sold 23,700 shares of the firm’s stock in a transaction dated 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 sale, the chairman now owns 37,918 shares of the company’s stock, valued at $29,578,315.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,487 shares of company stock valued at $46,667,608. 2.80% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Massey Quick Simon & CO. LLC increased its position in AutoZone by 222.4% during the third quarter. Massey Quick Simon & CO. LLC now owns 187 shares of the company’s stock worth $145,000 after purchasing an additional 129 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in AutoZone by 197.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock worth $158,000 after buying an additional 156 shares during the period. ELM Advisors LLC purchased a new position in AutoZone during the third quarter worth about $163,000. Flagship Harbor Advisors LLC purchased a new position in AutoZone during the second quarter worth about $173,000. Finally, Paragon Capital Management Ltd purchased a new position in AutoZone during the second quarter worth about $201,000. 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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