JPMorgan Chase & Co. Forecasts Strong Price Appreciation for AutoZone (NYSE:AZO) Stock

AutoZone (NYSE:AZO - Free Report) had its price objective lifted by JPMorgan Chase & Co. from $3,830.00 to $4,350.00 in a research report sent to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts have also issued reports on AZO. Bank of America raised AutoZone from a "neutral" rating to a "buy" rating and boosted their target price for the company from $3,900.00 to $4,800.00 in a research report on Wednesday, May 21st. DA Davidson raised AutoZone from a "neutral" rating to a "buy" rating and increased their price target for the stock from $3,500.00 to $4,192.00 in a report on Friday, March 21st. Wedbush restated an "outperform" rating and issued a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, March 5th. Raymond James restated a "strong-buy" rating on shares of AutoZone in a report on Wednesday, March 5th. Finally, Mizuho raised their price objective on AutoZone from $3,600.00 to $3,740.00 and gave the company an "outperform" rating in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $4,054.52.

AutoZone Stock Up 2.0%

Shares of NYSE AZO traded up $74.77 during mid-day trading on Friday, reaching $3,770.43. 97,472 shares of the company were exchanged, compared to its average volume of 129,388. AutoZone has a 1 year low of $2,728.97 and a 1 year high of $3,916.81. The stock has a market cap of $63.28 billion, a price-to-earnings ratio of 25.19, a P/E/G ratio of 1.86 and a beta of 0.44. The firm has a 50-day moving average of $3,694.38 and a 200 day moving average of $3,457.18.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The firm had revenue of $4.46 billion during the quarter, compared to analysts' expectations of $4.41 billion. During the same quarter in the prior year, the company earned $36.69 EPS. AutoZone's quarterly revenue was up 5.4% on a year-over-year basis. On average, equities analysts forecast that AutoZone will post 152.94 earnings per share for the current year.

Insider Transactions at AutoZone

In other news, VP Richard Craig Smith sold 2,850 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $3,610.00, for a total transaction of $10,288,500.00. Following the transaction, the vice president now owns 2,924 shares in the company, valued at approximately $10,555,640. This trade represents a 49.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Domingo Hurtado sold 4,800 shares of the business's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $3,660.00, for a total value of $17,568,000.00. Following the completion of the transaction, the vice president now directly owns 159 shares of the company's stock, valued at approximately $581,940. This trade represents a 96.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,521 shares of company stock worth $42,177,331 over the last 90 days. 2.10% of the stock is owned by insiders.

Institutional Trading of AutoZone

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AZO. AlphaCore Capital LLC purchased a new stake in AutoZone during the first quarter worth about $27,000. Saudi Central Bank bought a new stake in shares of AutoZone during the 1st quarter valued at $27,000. Headlands Technologies LLC purchased a new stake in shares of AutoZone in the fourth quarter worth about $29,000. Flagship Wealth Advisors LLC bought a new position in AutoZone in the 4th quarter valued at $32,000. Finally, Harbour Investments Inc. grew its position in AutoZone by 42.9% during the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company's stock worth $32,000 after buying an additional 3 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

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.