Analysts expect AutoZone, Inc. (NYSE:AZO) to post sales of $2.64 billion for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for AutoZone’s earnings, with estimates ranging from $2.60 billion to $2.67 billion. AutoZone reported sales of $2.59 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 1.9%. The company is scheduled to report its next quarterly earnings report before the market opens on Tuesday, December 4th.
According to Zacks, analysts expect that AutoZone will report full-year sales of $11.77 billion for the current year, with estimates ranging from $11.70 billion to $11.90 billion. For the next year, analysts expect that the business will post sales of $11.99 billion, with estimates ranging from $11.81 billion to $12.12 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover AutoZone.
AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 18th. The company reported $18.54 EPS for the quarter, topping analysts’ consensus estimates of $17.92 by $0.62. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $3.60 billion. AutoZone had a negative return on equity of 99.70% and a net margin of 11.92%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $15.27 earnings per share.
Several analysts recently issued reports on the company. Credit Suisse Group set a $854.00 target price on AutoZone and gave the stock a “buy” rating in a research report on Wednesday, November 28th. Deutsche Bank set a $940.00 target price on AutoZone and gave the stock a “buy” rating in a research report on Monday, November 26th. Wedbush set a $870.00 target price on AutoZone and gave the stock a “buy” rating in a research report on Wednesday, November 21st. Morgan Stanley increased their target price on AutoZone from $760.00 to $800.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 6th. Finally, Zacks Investment Research upgraded AutoZone from a “hold” rating to a “buy” rating and set a $860.00 target price for the company in a research report on Tuesday, August 28th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $807.07.
NYSE:AZO opened at $809.07 on Monday. AutoZone has a 12-month low of $590.76 and a 12-month high of $842.10. The stock has a market cap of $20.68 billion, a P/E ratio of 16.07, a price-to-earnings-growth ratio of 1.14 and a beta of 0.89.
AutoZone declared that its Board of Directors has approved a share repurchase plan on Wednesday, September 26th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the company to repurchase up to 6.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In related news, VP Charles Pleas III sold 9,500 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $759.85, for a total transaction of $7,218,575.00. Following the completion of the transaction, the vice president now directly owns 13,862 shares of the company’s stock, valued at $10,533,040.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman William C. Rhodes III sold 23,700 shares of the stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $780.06, for a total value of $18,487,422.00. Following the transaction, the chairman now directly owns 37,918 shares of the company’s stock, valued at $29,578,315.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,487 shares of company stock valued at $46,667,608. 2.80% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Great Lakes Advisors LLC boosted its stake in AutoZone by 1.0% during the third quarter. Great Lakes Advisors LLC now owns 2,037 shares of the company’s stock valued at $1,580,000 after buying an additional 20 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its stake in shares of AutoZone by 29.8% in the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 305 shares of the company’s stock valued at $237,000 after purchasing an additional 70 shares during the last quarter. Morningstar Investment Services LLC lifted its stake in shares of AutoZone by 8.6% in the 3rd quarter. Morningstar Investment Services LLC now owns 994 shares of the company’s stock valued at $771,000 after purchasing an additional 79 shares during the last quarter. Tyers Asset Management LLC lifted its stake in shares of AutoZone by 3.1% in the 2nd quarter. Tyers Asset Management LLC now owns 2,640 shares of the company’s stock valued at $1,771,000 after purchasing an additional 80 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of AutoZone by 2.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 4,718 shares of the company’s stock valued at $3,165,000 after purchasing an additional 93 shares during the last quarter. 95.53% of the stock is owned by institutional investors.
AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
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