AutoZone (AZO) Given New $940.00 Price Target at Argus

AutoZone (NYSE:AZO) had its price objective boosted by Argus from $818.00 to $940.00 in a research note published on Thursday, The Fly reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. Credit Suisse Group set a $854.00 price target on shares of AutoZone and gave the company a buy rating in a research note on Wednesday, November 28th. Morgan Stanley lifted their price target on shares of AutoZone from $760.00 to $800.00 and gave the company an equal weight rating in a research note on Tuesday, November 6th. Zacks Investment Research upgraded shares of AutoZone from a hold rating to a buy rating and set a $860.00 price target on the stock in a research note on Tuesday, August 28th. Stephens reiterated a buy rating and issued a $825.00 price target on shares of AutoZone in a research note on Wednesday, September 19th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. lifted their price target on shares of AutoZone to $880.00 and gave the company an overweight rating in a research note on Wednesday, September 19th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $866.74.

AZO opened at $870.16 on Thursday. The firm has a market capitalization of $22.24 billion, a P/E ratio of 17.29, a P/E/G ratio of 1.23 and a beta of 0.89. AutoZone has a 12 month low of $590.76 and a 12 month high of $894.37.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, December 4th. The company reported $13.47 EPS for the quarter, beating the consensus estimate of $12.21 by $1.26. The business had revenue of $2.64 billion for 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 firm’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $10.00 EPS. On average, equities analysts predict that AutoZone will post 59.05 earnings per share for the current fiscal year.

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

In other news, VP Charles Pleas III sold 9,500 shares of the business’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 transaction, the vice president now directly owns 13,862 shares in the company, valued at approximately $10,533,040.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Andrew Mckenna sold 3,000 shares of the business’s stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the transaction, the director now owns 8,268 shares in the company, valued at $6,177,436.20. The disclosure for this sale can be found here. Insiders have sold a total of 79,687 shares of company stock worth $63,373,093 over the last 90 days. 2.80% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in AZO. JPMorgan Chase & Co. grew its stake in AutoZone by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,034,551 shares of the company’s stock valued at $1,578,202,000 after buying an additional 84,961 shares during the last quarter. BlackRock Inc. grew its stake in AutoZone by 0.6% in the 3rd quarter. BlackRock Inc. now owns 1,870,411 shares of the company’s stock valued at $1,450,879,000 after buying an additional 11,896 shares during the last quarter. FMR LLC grew its stake in AutoZone by 3.0% in the 3rd quarter. FMR LLC now owns 1,353,751 shares of the company’s stock valued at $1,050,105,000 after buying an additional 39,048 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in AutoZone by 6.6% in 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 buying an additional 54,350 shares during the last quarter. Finally, Burgundy Asset Management Ltd. grew its stake in AutoZone by 2.3% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 615,202 shares of the company’s stock valued at $412,757,000 after buying an additional 13,890 shares during the last quarter. 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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The Fly

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