AutoZone (NYSE:AZO) Upgraded by The Goldman Sachs Group to “Buy” Rating

AutoZone (NYSE:AZO) was upgraded by investment analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm currently has a $4,262.00 price objective on the stock, up from their previous price objective of $4,090.00. The Goldman Sachs Group’s price target would suggest a potential upside of 12.40% from the company’s previous close.

Several other analysts have also recently commented on AZO. TD Cowen boosted their price target on AutoZone from $4,300.00 to $4,900.00 and gave the stock a “buy” rating in a research report on Thursday, September 18th. Guggenheim lifted their target price on shares of AutoZone from $4,100.00 to $4,600.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Truist Financial reduced their target price on shares of AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Morgan Stanley raised their price target on shares of AutoZone from $4,000.00 to $4,700.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Finally, Erste Group Bank cut shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4,551.56.

AutoZone Price Performance

Shares of AZO stock opened at $3,791.94 on Thursday. The company has a market cap of $63.07 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 1.75 and a beta of 0.37. The stock has a 50 day simple moving average of $4,026.36 and a 200-day simple moving average of $3,887.96. AutoZone has a 1-year low of $3,036.40 and a 1-year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The company had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the business earned $51.58 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts anticipate that AutoZone will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a stock repurchase program on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, SVP K. Michelle Borninkhof sold 300 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the transaction, the senior vice president directly owned 416 shares in the company, valued at approximately $1,570,400. This represents a 41.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP John Scott Murphy sold 2,860 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the transaction, the vice president directly owned 1,244 shares of the company’s stock, valued at $5,194,570.80. The trade was a 69.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,693 shares of company stock valued at $23,259,891 in the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

A number of institutional investors have recently modified their holdings of the company. Raleigh Capital Management Inc. acquired a new position in AutoZone in the 3rd quarter valued at about $26,000. AlphaCore Capital LLC acquired a new stake in shares of AutoZone during the first quarter worth about $27,000. Saudi Central Bank purchased a new position in shares of AutoZone in the first quarter valued at approximately $27,000. Aspect Partners LLC grew its holdings in shares of AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after purchasing an additional 7 shares in the last quarter. Finally, Global Trust Asset Management LLC increased its stake in AutoZone by 600.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after buying an additional 6 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

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.