AutoZone (NYSE:AZO) Sets New 1-Year High – Here’s Why

Shares of AutoZone, Inc. (NYSE:AZO) hit a new 52-week high during trading on Friday . The company traded as high as $3,500.00 and last traded at $3,475.68, with a volume of 11636 shares traded. The stock had previously closed at $3,444.69.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Truist Financial increased their price objective on shares of AutoZone from $3,501.00 to $3,753.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. BMO Capital Markets started coverage on shares of AutoZone in a research note on Friday, December 13th. They issued an “outperform” rating and a $3,700.00 target price for the company. Citigroup raised their price target on shares of AutoZone from $3,500.00 to $3,900.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Wells Fargo & Company raised their price target on shares of AutoZone from $3,450.00 to $3,750.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Argus raised their target price on shares of AutoZone from $3,560.00 to $3,678.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3,429.84.

AutoZone Stock Up 1.2 %

The stock has a market capitalization of $58.47 billion, a price-to-earnings ratio of 23.28, a price-to-earnings-growth ratio of 1.86 and a beta of 0.70. The business’s 50-day moving average is $3,332.11 and its two-hundred day moving average is $3,214.44.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share for the quarter, missing analysts’ consensus estimates of $33.69 by ($1.17). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same quarter in the previous year, the firm posted $32.55 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. As a group, analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Hedge Funds Weigh In On AutoZone

A number of institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC acquired a new position in shares of AutoZone in the 4th quarter worth approximately $29,000. Flagship Wealth Advisors LLC purchased a new stake in shares of AutoZone in the 4th quarter valued at approximately $32,000. Harbour Investments Inc. increased its position in shares of AutoZone by 42.9% in the 4th 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 last quarter. Capital Performance Advisors LLP purchased a new stake in shares of AutoZone in the 3rd quarter valued at approximately $36,000. Finally, Minot DeBlois Advisors LLC purchased a new stake in shares of AutoZone in the 4th quarter valued at approximately $45,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

About AutoZone

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.