AutoZone, Inc. (NYSE:AZO) Given Consensus Rating of “Moderate Buy” by Analysts

AutoZone, Inc. (NYSE:AZO) has been assigned an average recommendation of “Moderate Buy” from the twenty-seven ratings firms that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $4,040.8696.

Several analysts have recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. The Goldman Sachs Group dropped their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. BMO Capital Markets dropped their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group cut their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th.

Insider Buying and Selling

In other news, Director Brian Hannasch acquired 165 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of AutoZone during the fourth quarter worth $939,205,000. Morgan Stanley boosted its position in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after acquiring an additional 74,555 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in AutoZone by 387.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in AutoZone by 39.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after acquiring an additional 50,071 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after purchasing an additional 45,212 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Stock Performance

Shares of AZO stock opened at $2,923.23 on Friday. The company has a market cap of $47.74 billion, a P/E ratio of 20.10, a PEG ratio of 1.51 and a beta of 0.33. The stock has a 50 day simple moving average of $3,108.82 and a two-hundred day simple moving average of $3,405.28. AutoZone has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $35.36 earnings per share. On average, research analysts predict that AutoZone will post 150.39 earnings per share for the current year.

AutoZone declared that its board has authorized a share buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.