Credit Suisse Group Reaffirms “Outperform” Rating for AutoZone, Inc. (AZO)
AutoZone, Inc. (NYSE:AZO)‘s stock had its “outperform” rating reaffirmed by investment analysts at Credit Suisse Group in a report issued on Wednesday, The Fly reports. They presently have a $640.00 target price on the stock, up from their prior target price of $583.00. Credit Suisse Group’s target price would indicate a potential upside of 8.57% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the company. Royal Bank Of Canada dropped their target price on AutoZone from $577.00 to $571.00 and set a “sector perform” rating for the company in a report on Wednesday, September 20th. Morgan Stanley downgraded AutoZone from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 6th. UBS AG reissued a “buy” rating and set a $655.00 target price (down previously from $725.00) on shares of AutoZone in a report on Wednesday, September 20th. Robert W. Baird reissued a “hold” rating and set a $590.00 target price on shares of AutoZone in a report on Friday, October 27th. Finally, Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of AutoZone in a report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $724.45.
AutoZone (NYSE:AZO) opened at 594.83 on Wednesday. AutoZone has a 12 month low of $491.13 and a 12 month high of $813.70. The company’s 50-day moving average is $584.17 and its 200-day moving average is $585.22. The company has a market cap of $16.56 billion, a price-to-earnings ratio of 13.50 and a beta of 0.64.
AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, September 19th. The company reported $15.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $15.11 by $0.07. AutoZone had a negative return on equity of 74.48% and a net margin of 11.76%. The business had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter last year, the firm posted $14.30 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts anticipate that AutoZone will post $46.91 earnings per share for the current year.
In other AutoZone news, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $584.96, for a total value of $1,754,880.00. Following the transaction, the director now owns 8,131 shares in the company, valued at $4,756,309.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in AZO. American Beacon Advisors Inc. bought a new position in AutoZone in the first quarter valued at about $104,000. Fieldpoint Private Securities LLC bought a new position in AutoZone in the second quarter valued at about $114,000. Alpha Windward LLC grew its position in AutoZone by 3.2% in the second quarter. Alpha Windward LLC now owns 259 shares of the company’s stock valued at $148,000 after acquiring an additional 8 shares during the last quarter. Salem Investment Counselors Inc. grew its position in AutoZone by 3.5% in the second quarter. Salem Investment Counselors Inc. now owns 264 shares of the company’s stock valued at $151,000 after acquiring an additional 9 shares during the last quarter. Finally, Global X Management Co. LLC grew its position in AutoZone by 12.9% in the second quarter. Global X Management Co. LLC now owns 323 shares of the company’s stock valued at $184,000 after acquiring an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 97.93% of the company’s stock.
Autozone, Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company operates through the Auto Parts Locations segment. The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories. As of August 27, 2016, the Company operated through 5,814 locations in the United States, Puerto Rico, Mexico and Brazil.
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