AutoZone (NYSE:AZO) Hits New 52-Week High - Here's Why

Key Points

• AutoZone's shares reached a new 52-week high, trading at $4,216.02, with a market cap of $70.02 billion.
• Analysts have set new price targets for AutoZone, with Oppenheimer raising their target to $4,600.00 and Evercore ISI to $4,250.00, amid strong buy ratings from most analysts.
• Despite strong revenue growth of 5.4% year-over-year, AutoZone reported earnings per share below analysts' expectations, missing estimates of $37.07 with $35.36 for the latest quarter.

AutoZone, Inc. (NYSE:AZO - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $4,216.02 and last traded at $4,182.84, with a volume of 26446 shares. The stock had previously closed at $4,180.17.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Evercore ISI raised their price objective on AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a report on Monday, August 18th. Morgan Stanley reissued an "overweight" rating and issued a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. Wells Fargo & Company set a $4,200.00 price objective on AutoZone and gave the company an "overweight" rating in a research note on Monday, May 19th. The Goldman Sachs Group set a $3,811.00 price objective on AutoZone in a research note on Friday, May 23rd. Finally, DA Davidson lifted their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, AutoZone presently has an average rating of "Buy" and a consensus price target of $4,101.29.

AutoZone Stock Up 0.2%

The business has a 50-day simple moving average of $3,867.16 and a 200-day simple moving average of $3,718.34. The company has a market cap of $70.57 billion, a PE ratio of 28.46, a price-to-earnings-growth ratio of 2.51 and a beta of 0.38.

Insider Transactions at AutoZone

In other news, Chairman William C. Rhodes III sold 27,500 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the sale, the chairman owned 8,546 shares of the company's stock, valued at approximately $31,696,515.78. This represents a 76.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the company's 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 sale, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,250 shares of company stock valued at $116,321,123. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of AutoZone by 0.6% during the second quarter. Vanguard Group Inc. now owns 1,771,004 shares of the company's stock worth $6,574,374,000 after purchasing an additional 11,142 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of AutoZone by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after purchasing an additional 65,368 shares in the last quarter. Laurel Wealth Advisors LLC grew its stake in shares of AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock worth $3,472,724,000 after purchasing an additional 935,230 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of AutoZone by 435,031.1% during the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock worth $2,936,535,000 after purchasing an additional 770,005 shares in the last quarter. Finally, State Street Corp grew its stake in shares of AutoZone by 1.6% during the second quarter. State Street Corp now owns 714,091 shares of the company's stock worth $2,650,870,000 after purchasing an additional 11,088 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

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.