AutoZone (NYSE:AZO) Announces Earnings Results

Key Points

• AutoZone reported an earnings per share (EPS) of $48.71, falling short of analysts' expectations of $50.52, with a revenue of $6.24 billion compared to an expected $6.26 billion.
• The company has received several positive adjustments from analysts, with price targets raised by firms such as Evercore ISI and UBS Group, indicating a bullish sentiment toward AutoZone's stock.
• Insider activity shows that VP Richard Craig Smith sold a significant amount of stock, reducing his holdings by 50.63%, which could influence investor sentiment.

AutoZone (NYSE:AZO - Get Free Report) posted its earnings results on Tuesday. The company reported $48.71 EPS for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81), RTT News reports. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%.The firm had revenue of $6.24 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the previous year, the firm posted $51.58 earnings per share.

AutoZone Stock Performance

Shares of AZO stock opened at $4,115.07 on Tuesday. AutoZone has a 1 year low of $2,898.57 and a 1 year high of $4,388.11. The stock has a market cap of $69.05 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 2.29 and a beta of 0.41. The business's fifty day moving average is $4,041.27 and its 200-day moving average is $3,805.01.

Analyst Ratings Changes

AZO has been the topic of several recent research reports. Evercore ISI upped their price objective on AutoZone from $4,250.00 to $4,500.00 and gave the company an "outperform" rating in a research report on Thursday. UBS Group upped their price target on AutoZone from $4,260.00 to $4,925.00 and gave the stock a "buy" rating in a research note on Thursday, September 11th. DA Davidson upped their price target on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Truist Financial increased their target price on AutoZone from $4,038.00 to $4,504.00 and gave the company a "buy" rating in a research note on Wednesday, September 17th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $4,100.00 target price (up previously from $3,850.00) on shares of AutoZone in a research note on Wednesday, May 28th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $4,449.18.

Insider Activity

In related news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the transaction, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. The trade was a 50.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On AutoZone

A number of hedge funds have recently modified their holdings of the stock. Brighton Jones LLC boosted its position in shares of AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after buying an additional 14 shares during the period. Voleon Capital Management LP bought a new position in AutoZone during the second quarter valued at about $876,000. EP Wealth Advisors LLC bought a new position in shares of AutoZone in the second quarter worth about $876,000. Eventide Asset Management LLC increased its stake in shares of AutoZone by 26.6% in the second quarter. Eventide Asset Management LLC now owns 195 shares of the company's stock worth $705,000 after purchasing an additional 41 shares during the period. Finally, CTC Alternative Strategies Ltd. increased its stake in shares of AutoZone by 66.7% in the second quarter. CTC Alternative Strategies Ltd. now owns 160 shares of the company's stock worth $594,000 after purchasing an additional 64 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

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.

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