AutoZone (NYSE:AZO) Reaches New 12-Month High – What’s Next?

AutoZone, Inc. (NYSE:AZO) shares hit a new 52-week high during trading on Thursday . The company traded as high as $3,916.81 and last traded at $3,846.09, with a volume of 16174 shares trading hands. The stock had previously closed at $3,809.26.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AZO. DA Davidson upgraded shares of AutoZone from a “neutral” rating to a “buy” rating and increased their target price for the company from $3,500.00 to $4,192.00 in a research report on Friday, March 21st. UBS Group increased their price objective on shares of AutoZone from $3,875.00 to $4,025.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Guggenheim boosted their target price on AutoZone from $3,750.00 to $3,850.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Mizuho increased their price target on AutoZone from $3,600.00 to $3,740.00 and gave the company an “outperform” rating in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company lifted their price target on AutoZone from $3,750.00 to $3,850.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3,724.00.

AutoZone Stock Performance

The stock has a market cap of $61.32 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 1.86 and a beta of 0.54. The stock’s 50-day simple moving average is $3,531.36 and its two-hundred day simple moving average is $3,301.82.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share for the quarter, missing the consensus estimate of $29.11 by ($0.82). The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.98 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. As a group, research analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Insider Buying and Selling

In other AutoZone news, CEO Philip B. Daniele sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $3,800.01, for a total value of $7,600,020.00. Following the completion of the sale, the chief executive officer now owns 163 shares in the company, valued at approximately $619,401.63. This trade represents a 92.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bailey L. Childress sold 160 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3,550.00, for a total value of $568,000.00. Following the completion of the transaction, the senior vice president now directly owns 50 shares of the company’s stock, valued at approximately $177,500. This trade represents a 76.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,721 shares of company stock valued at $24,609,331. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On AutoZone

A number of hedge funds and other institutional investors have recently made changes to their positions in AZO. Quent Capital LLC lifted its stake in AutoZone by 3.1% during the first quarter. Quent Capital LLC now owns 135 shares of the company’s stock worth $515,000 after purchasing an additional 4 shares during the period. Versant Capital Management Inc boosted its stake in AutoZone by 38.2% in the 1st quarter. Versant Capital Management Inc now owns 94 shares of the company’s stock valued at $358,000 after buying an additional 26 shares in the last quarter. Central Pacific Bank Trust Division grew its position in AutoZone by 14.7% in the first quarter. Central Pacific Bank Trust Division now owns 305 shares of the company’s stock valued at $1,163,000 after acquiring an additional 39 shares during the period. Marcum Wealth LLC bought a new stake in AutoZone in the first quarter valued at $221,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in AutoZone by 18.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the company’s stock worth $416,000 after acquiring an additional 17 shares in the last quarter. 92.74% of the stock is owned by 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.