AutoZone (NYSE:AZO) Posts Earnings Results, Beats Expectations By $2.20 EPS

AutoZone (NYSE:AZOGet Rating) issued its quarterly earnings data on Monday. The company reported $40.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $38.31 by $2.20, MarketWatch Earnings reports. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $5.16 billion. AutoZone had a negative return on equity of 79.74% and a net margin of 14.95%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company posted $35.72 EPS.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $2,131.47 on Wednesday. AutoZone has a 52 week low of $1,605.97 and a 52 week high of $2,362.24. The company has a market cap of $41.54 billion, a PE ratio of 18.14, a price-to-earnings-growth ratio of 1.49 and a beta of 0.78. The firm has a 50 day simple moving average of $2,189.23 and a 200 day simple moving average of $2,094.60.

Insiders Place Their Bets

In other news, VP Domingo Hurtado sold 395 shares of the firm’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $2,217.53, for a total value of $875,924.35. Following the completion of the sale, the vice president now owns 362 shares of the company’s stock, valued at $802,745.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO William C. Rhodes III sold 2,958 shares of the business’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $2,206.33, for a total transaction of $6,526,324.14. Following the transaction, the chief executive officer now directly owns 15,935 shares in the company, valued at approximately $35,157,868.55. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Domingo Hurtado sold 395 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $2,217.53, for a total transaction of $875,924.35. Following the completion of the transaction, the vice president now directly owns 362 shares in the company, valued at $802,745.86. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of AutoZone by 368.0% in the 1st quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock valued at $841,242,000 after buying an additional 323,536 shares in the last quarter. Cartenna Capital LP acquired a new position in shares of AutoZone during the 1st quarter worth $19,424,000. Ensign Peak Advisors Inc increased its stake in shares of AutoZone by 50.6% during the 1st quarter. Ensign Peak Advisors Inc now owns 26,213 shares of the company’s stock worth $53,594,000 after purchasing an additional 8,804 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of AutoZone by 17.6% during the 1st quarter. Lazard Asset Management LLC now owns 30,097 shares of the company’s stock valued at $61,534,000 after purchasing an additional 4,511 shares in the last quarter. Finally, Eaton Vance Management lifted its position in shares of AutoZone by 40.2% in the first quarter. Eaton Vance Management now owns 14,033 shares of the company’s stock worth $28,691,000 after buying an additional 4,021 shares during the last quarter. 92.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on AZO shares. Truist Financial decreased their price target on AutoZone from $2,215.00 to $2,174.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Wedbush boosted their price target on shares of AutoZone from $2,250.00 to $2,350.00 and gave the stock an “outperform” rating in a research report on Tuesday. DA Davidson increased their price objective on shares of AutoZone from $1,900.00 to $1,920.00 and gave the company a “neutral” rating in a report on Wednesday, May 25th. MKM Partners started coverage on AutoZone in a report on Thursday, June 23rd. They set a “buy” rating and a $2,350.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on AutoZone from $2,350.00 to $2,450.00 and gave the company an “overweight” rating in a research note on Friday, September 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $2,234.41.

About AutoZone

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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, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs.

See Also

Earnings History for AutoZone (NYSE:AZO)

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