AutoZone (NYSE:AZO) Stock Bumped Up to Strong-Buy by Sanford C. Bernstein

AutoZone (NYSE:AZO) was upgraded by stock analysts at Sanford C. Bernstein to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other analysts also recently commented on the stock. Evercore restated an “outperform” rating on shares of AutoZone in a report on Wednesday, September 23rd. Robert W. Baird reduced their price target on shares of AutoZone from $3,600.00 to $3,400.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Barclays lowered their price objective on shares of AutoZone from $3,637.00 to $3,400.00 and set an “overweight” rating for the company in a research report on Wednesday, September 23rd. Raymond James Financial cut their price objective on shares of AutoZone from $4,000.00 to $3,700.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, September 23rd. Finally, Truist Financial reduced their target price on shares of AutoZone from $3,817.00 to $3,648.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $3,710.36.

AutoZone Price Performance

Shares of AutoZone stock opened at $2,830.07 on Tuesday. The company has a market capitalization of $46.21 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 1.32 and a beta of 0.34. The business has a 50-day moving average of $2,969.94 and a two-hundred day moving average of $3,170.39. AutoZone has a 1 year low of $2,764.88 and a 1 year high of $4,293.03.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, beating the consensus estimate of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.The business had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.70 billion. During the same quarter in the previous year, the business posted $48.71 EPS. AutoZone’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities analysts anticipate that AutoZone will post 173.47 EPS for the current fiscal year.

AutoZone declared that its board has authorized a share repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In other news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. bought a new position in AutoZone in the second quarter valued at approximately $29,000. MCF Advisors LLC increased its position in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares during the last quarter. Bard Associates Inc. bought a new stake in shares of AutoZone during the 4th quarter worth approximately $31,000. Tacita Capital Inc bought a new stake in shares of AutoZone during the 2nd quarter worth approximately $32,000. Finally, Asset Dedication LLC boosted its holdings in shares of AutoZone by 150.0% in the 1st quarter. Asset Dedication LLC now owns 10 shares of the company’s stock valued at $34,000 after buying an additional 6 shares during the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

About AutoZone

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.