AutoZone, Inc. to Post FY2023 Earnings of $126.01 Per Share, Zacks Research Forecasts (NYSE:AZO)

AutoZone, Inc. (NYSE:AZO – Get Rating) – Analysts at Zacks Research boosted their FY2023 earnings estimates for AutoZone in a report issued on Tuesday, March 14th. Zacks Research analyst R. Singhi now expects that the company will earn $126.01 per share for the year, up from their prior forecast of $120.96. The consensus estimate for AutoZone’s current full-year earnings is $127.64 per share. Zacks Research also issued estimates for AutoZone’s Q2 2024 earnings at $25.30 EPS and Q4 2024 earnings at $49.41 EPS.

AutoZone (NYSE:AZO – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The company reported $24.64 earnings per share for the quarter, beating analysts’ consensus estimates of $21.33 by $3.31. AutoZone had a net margin of 14.32% and a negative return on equity of 64.72%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter in the prior year, the firm earned $22.30 earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year.

Several other research analysts also recently weighed in on the stock. Barclays started coverage on shares of AutoZone in a research report on Tuesday, February 7th. They issued an “overweight” rating and a $2,663.00 price target on the stock. Raymond James increased their price target on shares of AutoZone from $2,600.00 to $2,650.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 1st. Morgan Stanley increased their price target on shares of AutoZone from $2,725.00 to $2,800.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 1st. Wells Fargo & Company increased their price target on shares of AutoZone from $2,450.00 to $2,850.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 29th. Finally, Citigroup increased their price target on shares of AutoZone from $2,520.00 to $2,782.00 in a research report on Wednesday, December 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,652.76.

AutoZone Trading Down 2.0 %

AZO opened at $2,365.00 on Friday. AutoZone has a 1-year low of $1,703.32 and a 1-year high of $2,610.05. The company has a market capitalization of $44.39 billion, a PE ratio of 19.44, a PEG ratio of 1.66 and a beta of 0.69. The firm’s 50 day simple moving average is $2,452.02 and its two-hundred day simple moving average is $2,386.42.

Insider Activity at AutoZone

In related news, VP Grant E. Mcgee sold 1,575 shares of the firm’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $2,511.63, for a total transaction of $3,955,817.25. Following the completion of the transaction, the vice president now directly owns 246 shares of the company’s stock, valued at $617,860.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AutoZone news, VP Grant E. Mcgee sold 1,575 shares of AutoZone stock in a transaction on Monday, March 6th. The shares were sold at an average price of $2,511.63, for a total value of $3,955,817.25. Following the completion of the transaction, the vice president now directly owns 246 shares of the company’s stock, valued at approximately $617,860.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William C. Rhodes III sold 1,200 shares of AutoZone stock in a transaction on Monday, January 9th. The stock was sold at an average price of $2,479.29, for a total transaction of $2,975,148.00. Following the completion of the transaction, the chief executive officer now directly owns 3,800 shares of the company’s stock, valued at $9,421,302. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,872 shares of company stock valued at $94,603,027. Corporate insiders own 2.59% of the company’s stock.

Hedge Funds Weigh In On AutoZone

A number of large investors have recently made changes to their positions in AZO. BlackRock Inc. lifted its holdings in AutoZone by 0.7% during the 3rd quarter. BlackRock Inc. now owns 1,521,550 shares of the company’s stock valued at $3,259,055,000 after buying an additional 10,791 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in AutoZone by 4.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,204,151 shares of the company’s stock valued at $2,969,654,000 after buying an additional 48,141 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its holdings in AutoZone by 107,977.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 699,260 shares of the company’s stock valued at $1,724,500,000 after buying an additional 698,613 shares in the last quarter. Royal Bank of Canada lifted its holdings in AutoZone by 2.6% during the 3rd quarter. Royal Bank of Canada now owns 466,179 shares of the company’s stock valued at $998,521,000 after buying an additional 11,713 shares in the last quarter. Finally, Norges Bank bought a new stake in AutoZone during the 4th quarter valued at about $658,788,000. 91.12% of the stock is owned by hedge funds and other institutional investors.

AutoZone Company Profile

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AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells, and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.