AutoZone (NYSE:AZO) Price Target Increased to $2,850.00 by Analysts at Wells Fargo & Company

AutoZone (NYSE:AZOGet Rating) had its price objective lifted by Wells Fargo & Company from $2,450.00 to $2,850.00 in a report released on Tuesday morning, The Fly reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued reports about the company. Citigroup boosted their price objective on AutoZone from $2,250.00 to $2,520.00 and gave the stock a buy rating in a research report on Tuesday, September 20th. Stifel Nicolaus restated a buy rating and issued a $2,450.00 target price on shares of AutoZone in a research report on Thursday, September 22nd. Stephens upped their target price on AutoZone to $2,400.00 in a research report on Tuesday, September 20th. Truist Financial upped their target price on AutoZone from $2,292.00 to $2,533.00 and gave the stock a buy rating in a research report on Thursday, October 20th. Finally, Raymond James upped their target price on AutoZone from $2,350.00 to $2,500.00 and gave the stock an outperform rating in a research report on Thursday, October 20th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, AutoZone has an average rating of Moderate Buy and a consensus target price of $2,494.40.

AutoZone Trading Up 0.7 %

Shares of NYSE AZO opened at $2,571.59 on Tuesday. The stock has a 50 day simple moving average of $2,375.24 and a 200-day simple moving average of $2,213.82. The company has a market cap of $48.81 billion, a PE ratio of 21.88, a P/E/G ratio of 1.55 and a beta of 0.75. AutoZone has a 12-month low of $1,703.32 and a 12-month high of $2,610.05.

AutoZone (NYSE:AZOGet Rating) last issued its quarterly earnings data on Monday, September 19th. The company reported $40.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $38.38 by $2.13. The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $5.16 billion. AutoZone had a negative return on equity of 79.74% and a net margin of 14.95%. The business’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $35.72 earnings per share. Sell-side analysts forecast that AutoZone will post 125.33 earnings per share for the current fiscal year.

Insider Buying and Selling at AutoZone

In other AutoZone news, EVP Philip B. Daniele sold 2,100 shares of the business’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $2,150.06, for a total transaction of $4,515,126.00. Following the sale, the executive vice president now directly owns 526 shares of the company’s stock, valued at approximately $1,130,931.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP Kristen C. Wright sold 5,125 shares of the business’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $2,161.33, for a total transaction of $11,076,816.25. Following the transaction, the vice president now directly owns 201 shares in the company, valued at approximately $434,427.33. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Philip B. Daniele sold 2,100 shares of the business’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $2,150.06, for a total transaction of $4,515,126.00. Following the transaction, the executive vice president now owns 526 shares in the company, valued at $1,130,931.56. The disclosure for this sale can be found here. Insiders have sold a total of 35,709 shares of company stock valued at $80,143,400 in the last three months. 2.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AutoZone

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in AutoZone by 368.0% in the first quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock worth $841,242,000 after purchasing an additional 323,536 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in AutoZone by 13.9% in the first quarter. JPMorgan Chase & Co. now owns 1,188,751 shares of the company’s stock worth $2,430,495,000 after purchasing an additional 144,984 shares in the last quarter. Aaron Wealth Advisors LLC bought a new stake in AutoZone in the first quarter worth $39,000. Robeco Institutional Asset Management B.V. boosted its holdings in AutoZone by 56.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 164,133 shares of the company’s stock worth $352,742,000 after purchasing an additional 58,933 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in AutoZone by 24.3% in the first quarter. Invesco Ltd. now owns 224,279 shares of the company’s stock worth $458,557,000 after purchasing an additional 43,840 shares in the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

About AutoZone

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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, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs.

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