AutoZone (NYSE:AZO) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of AutoZone (NYSE:AZO) from a strong sell rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also issued research reports about the company. Truist Financial cut their price objective on AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Wells Fargo & Company dropped their price target on shares of AutoZone from $4,800.00 to $4,700.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 24th. DA Davidson set a $4,850.00 price objective on shares of AutoZone in a research report on Thursday, November 6th. Raymond James Financial lowered their price objective on shares of AutoZone from $4,900.00 to $4,800.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, September 24th. Finally, BMO Capital Markets boosted their target price on shares of AutoZone from $4,100.00 to $4,600.00 and gave the stock an “outperform” rating in a report on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4,547.56.

AutoZone Price Performance

Shares of AutoZone stock traded up $14.62 on Monday, hitting $3,962.69. The company had a trading volume of 6,648 shares, compared to its average volume of 129,590. AutoZone has a 52 week low of $3,124.74 and a 52 week high of $4,388.11. The company has a market cap of $65.91 billion, a PE ratio of 27.29, a PEG ratio of 1.75 and a beta of 0.37. The business has a 50-day simple moving average of $3,953.43 and a 200-day simple moving average of $3,897.95.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing the consensus estimate of $50.52 by ($1.81). The firm had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $6.26 billion. AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.AutoZone’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $51.58 EPS. On average, equities research analysts predict that AutoZone will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its board has authorized a stock repurchase plan on Wednesday, October 8th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other AutoZone news, SVP K. Michelle Borninkhof sold 300 shares of AutoZone stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the transaction, the senior vice president owned 416 shares of the company’s stock, valued at $1,570,400. The trade was a 41.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of the company’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the completion of the transaction, the chief executive officer owned 55 shares in the company, valued at $221,148.40. This represents a 97.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 5,693 shares of company stock worth $23,259,891. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AutoZone

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Avantax Advisory Services Inc. lifted its holdings in AutoZone by 8.3% in the 2nd quarter. Avantax Advisory Services Inc. now owns 2,742 shares of the company’s stock worth $10,179,000 after purchasing an additional 210 shares during the last quarter. Banco Santander S.A. raised its position in shares of AutoZone by 98.3% in the first quarter. Banco Santander S.A. now owns 829 shares of the company’s stock valued at $3,161,000 after purchasing an additional 411 shares during the period. Quarry LP raised its position in shares of AutoZone by 266.7% in the first quarter. Quarry LP now owns 165 shares of the company’s stock valued at $629,000 after purchasing an additional 120 shares during the period. Night Squared LP acquired a new stake in shares of AutoZone in the first quarter worth $2,860,000. Finally, Emerald Advisers LLC boosted its holdings in shares of AutoZone by 60.0% during the 2nd quarter. Emerald Advisers LLC now owns 224 shares of the company’s stock worth $832,000 after buying an additional 84 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Company Profile

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.