Mizuho Boosts AutoZone (NYSE:AZO) Price Target to $3,350.00

AutoZone (NYSE:AZO) had its price objective raised by Mizuho from $3,280.00 to $3,350.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. Morgan Stanley increased their price target on AutoZone from $3,038.00 to $3,125.00 and gave the company an overweight rating in a research note on Wednesday. Evercore ISI cut their target price on shares of AutoZone from $3,900.00 to $3,350.00 and set an outperform rating for the company in a research note on Friday, September 20th. Guggenheim lifted their target price on shares of AutoZone from $3,225.00 to $3,350.00 and gave the stock a buy rating in a report on Wednesday. StockNews.com cut shares of AutoZone from a buy rating to a hold rating in a report on Saturday, September 21st. Finally, Truist Financial reduced their price objective on AutoZone from $3,394.00 to $3,341.00 and set a buy rating for the company in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $3,169.38.

AutoZone Price Performance

Shares of AZO opened at $3,196.61 on Wednesday. The company has a market cap of $54.61 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71. The firm has a 50-day moving average of $3,116.79 and a 200-day moving average of $3,011.32. AutoZone has a one year low of $2,375.35 and a one year high of $3,256.37.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). The business had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $46.46 EPS. Analysts expect that AutoZone will post 151.08 earnings per share for the current year.

Insider Buying and Selling at AutoZone

In other news, VP John Scott Murphy sold 1,580 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the sale, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in shares of AutoZone in the 1st quarter valued at $32,000. Riverview Trust Co acquired a new stake in AutoZone in the first quarter valued at about $41,000. Meeder Asset Management Inc. grew its position in AutoZone by 50.0% in the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after acquiring an additional 5 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new position in AutoZone during the second quarter worth about $50,000. Finally, ORG Partners LLC bought a new position in shares of AutoZone in the second quarter worth about $50,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

About AutoZone

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.