Guggenheim Increases AutoZone (NYSE:AZO) Price Target to $3,350.00

AutoZone (NYSE:AZO) had its price target hoisted by Guggenheim from $3,225.00 to $3,350.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. StockNews.com downgraded shares of AutoZone from a buy rating to a hold rating in a report on Saturday, September 21st. Evercore ISI lowered 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. Morgan Stanley boosted their price target on AutoZone from $3,038.00 to $3,125.00 and gave the company an overweight rating in a report on Wednesday. Wedbush restated an outperform rating and set a $3,200.00 price objective on shares of AutoZone in a report on Thursday, September 19th. Finally, Truist Financial lowered their price objective on AutoZone from $3,394.00 to $3,341.00 and set a buy rating for the company in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $3,169.38.

AutoZone Stock Up 0.2 %

AutoZone stock opened at $3,196.61 on Wednesday. The firm has a market capitalization of $54.61 billion, a PE ratio of 22.11, a P/E/G ratio of 1.43 and a beta of 0.71. AutoZone has a 52 week low of $2,375.35 and a 52 week high of $3,256.37. The firm’s 50-day simple moving average is $3,121.63 and its 200 day simple moving average is $3,012.27.

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

Insider Transactions at AutoZone

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

Institutional Investors Weigh In On AutoZone

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its stake in shares of AutoZone by 35.3% during the first quarter. SG Americas Securities LLC now owns 3,534 shares of the company’s stock valued at $11,138,000 after acquiring an additional 922 shares in the last quarter. Sei Investments Co. grew its stake in AutoZone by 60.7% during the 1st quarter. Sei Investments Co. now owns 22,315 shares of the company’s stock valued at $70,326,000 after purchasing an additional 8,427 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in AutoZone by 12.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 3,509 shares of the company’s stock worth $11,059,000 after purchasing an additional 401 shares during the last quarter. Parnassus Investments LLC raised its position in shares of AutoZone by 32.0% in the 4th quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock valued at $629,780,000 after purchasing an additional 58,989 shares in the last quarter. Finally, Peak Financial Advisors LLC purchased a new position in shares of AutoZone during the 2nd quarter valued at approximately $2,816,000. 92.74% of the stock is 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.