AutoZone, Inc. (NYSE:AZO) Receives Average Recommendation of “Moderate Buy” from Brokerages

AutoZone, Inc. (NYSE:AZO) has been given a consensus recommendation of “Moderate Buy” by the twenty-seven research firms that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, twenty have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $4,040.8696.

A number of research analysts recently issued reports on the stock. DA Davidson lowered their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Robert W. Baird lowered their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. JPMorgan Chase & Co. dropped their price target on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. TD Cowen restated a “buy” rating and issued a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. Finally, Truist Financial set a $3,700.00 price objective on AutoZone in a research report on Wednesday, May 27th.

AutoZone Stock Down 4.1%

NYSE AZO opened at $3,013.79 on Friday. The firm has a market capitalization of $49.20 billion, a PE ratio of 20.72, a P/E/G ratio of 1.60 and a beta of 0.33. The stock’s 50 day moving average is $3,077.23 and its 200 day moving average is $3,396.38. AutoZone has a twelve month low of $2,902.20 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $35.36 earnings per share. On average, research analysts anticipate that AutoZone will post 150.39 earnings per share for the current year.

AutoZone announced that its board has approved a stock buyback program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at AutoZone

In related news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

Several institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC raised its stake in AutoZone by 6.2% during the 2nd quarter. Lazard Asset Management LLC now owns 51 shares of the company’s stock valued at $189,000 after buying an additional 3 shares during the last quarter. Johnson Financial Group Inc. boosted its stake in shares of AutoZone by 30.0% in the 3rd quarter. Johnson Financial Group Inc. now owns 13 shares of the company’s stock worth $56,000 after buying an additional 3 shares during the last quarter. L2 Asset Management LLC boosted its stake in shares of AutoZone by 4.0% in the 3rd quarter. L2 Asset Management LLC now owns 78 shares of the company’s stock worth $335,000 after buying an additional 3 shares during the last quarter. Brookstone Capital Management grew its holdings in shares of AutoZone by 2.1% in the fourth quarter. Brookstone Capital Management now owns 147 shares of the company’s stock worth $499,000 after acquiring an additional 3 shares during the period. Finally, Sigma Planning Corp grew its holdings in shares of AutoZone by 3.6% in the fourth quarter. Sigma Planning Corp now owns 86 shares of the company’s stock worth $292,000 after acquiring an additional 3 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do?it?yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.