AutoZone, Inc. (NYSE:AZO) Stock Has Average Price Target of $3,669.12

Shares of AutoZone, Inc. (NYSE:AZO) have been assigned a consensus rating of “Moderate Buy” from the twenty-seven brokerages that are currently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $3,669.12.

A number of equities research analysts have recently commented on the company. Morgan Stanley downgraded AutoZone from an “overweight” rating to a “market perform” rating in a research report on Tuesday, September 29th. Wells Fargo & Company reduced their target price on AutoZone from $4,150.00 to $3,500.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. JPMorgan Chase & Co. reduced their target price on AutoZone from $3,850.00 to $3,700.00 and set an “overweight” rating on the stock in a research report on Monday, September 28th. TD Cowen decreased their price target on AutoZone from $3,500.00 to $3,400.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. Finally, The Goldman Sachs Group lowered their price target on AutoZone from $4,096.00 to $3,917.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd.

Insider Buying and Selling at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of the firm’s 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 of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AutoZone

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of AutoZone in the second quarter worth about $3,938,566,000. Sound Income Strategies LLC boosted its holdings in AutoZone by 646,568.6% in the third quarter. Sound Income Strategies LLC now owns 659,602 shares of the company’s stock valued at $1,866,687,000 after purchasing an additional 659,500 shares during the last quarter. First Manhattan CO. LLC. boosted its holdings in AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after purchasing an additional 6,765 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in AutoZone by 247,417.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock valued at $798,963,000 after purchasing an additional 249,892 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in AutoZone during the 2nd quarter valued at approximately $572,885,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Stock Performance

AZO stock opened at $2,935.62 on Wednesday. The stock has a market capitalization of $47.94 billion, a P/E ratio of 19.21, a PEG ratio of 1.37 and a beta of 0.40. AutoZone has a one year low of $2,730.65 and a one year high of $4,146.42. The company has a 50 day moving average price of $2,945.42 and a two-hundred day moving average price of $3,143.55.

AutoZone (NYSE:AZO) last issued its quarterly earnings results 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 company had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.70 billion. During the same period in the previous year, the firm posted $48.71 EPS. AutoZone’s revenue was up 5.6% on a year-over-year basis. Research analysts forecast that AutoZone will post 171.50 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 16th that authorizes the company to buy back $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.