AutoZone (NYSE:AZO) Hits New 12-Month High – What’s Next?

AutoZone, Inc. (NYSE:AZO)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $4,248.14 and last traded at $4,244.39, with a volume of 92444 shares traded. The stock had previously closed at $4,232.96.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating and issued a $4,100.00 target price (up from $3,850.00) on shares of AutoZone in a research note on Wednesday, May 28th. Morgan Stanley restated an “overweight” rating and issued a $4,000.00 target price (up previously from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. Citigroup raised their target price on shares of AutoZone from $3,900.00 to $4,900.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. The Goldman Sachs Group set a $3,811.00 price target on shares of AutoZone in a report on Friday, May 23rd. Finally, Mizuho lifted their price target on shares of AutoZone from $3,740.00 to $4,050.00 and gave the company an “outperform” rating in a report on Thursday, July 3rd. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $4,148.90.

AutoZone Stock Performance

The firm has a 50-day moving average price of $3,929.54 and a 200-day moving average price of $3,747.33. The stock has a market cap of $71.09 billion, a PE ratio of 28.67, a price-to-earnings-growth ratio of 2.22 and a beta of 0.41.

Insiders Place Their Bets

In other AutoZone news, Chairman William C. Rhodes III sold 27,500 shares of the business’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the completion of the transaction, the chairman owned 8,546 shares of the company’s stock, valued at approximately $31,696,515.78. The trade was a 76.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP K. Michelle Borninkhof sold 750 shares of the business’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the transaction, the senior vice president directly owned 406 shares of the company’s stock, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,250 shares of company stock valued at $116,321,123. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On AutoZone

A number of large investors have recently made changes to their positions in the company. SevenBridge Financial Group LLC grew its stake in shares of AutoZone by 71.2% during the 2nd quarter. SevenBridge Financial Group LLC now owns 673 shares of the company’s stock valued at $2,692,000 after purchasing an additional 280 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of AutoZone by 130.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 2,000 shares of the company’s stock valued at $7,419,000 after acquiring an additional 1,132 shares during the period. MASTERINVEST Kapitalanlage GmbH bought a new position in shares of AutoZone during the 2nd quarter valued at approximately $2,469,000. Stance Capital LLC bought a new position in shares of AutoZone during the 2nd quarter valued at approximately $1,492,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of AutoZone during the 2nd quarter valued at approximately $2,173,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.