AutoZone (NYSE:AZO) Price Target Raised to $4,600.00 at BMO Capital Markets

Key Points

• BMO Capital Markets has raised AutoZone's price target to $4,600.00, indicating a potential upside of 10.15% from the previous closing price, and maintains an "outperform" rating.
• Other firms like JPMorgan and Morgan Stanley have also increased their price targets for AutoZone, with estimates ranging from $4,700.00 to $4,850.00.
• AutoZone's recent quarterly earnings reported $48.71 per share, missing expectations while revenues slightly increased by 0.6% year-over-year.

AutoZone (NYSE:AZO - Get Free Report) had its target price increased by BMO Capital Markets from $4,100.00 to $4,600.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. BMO Capital Markets' price target points to a potential upside of 10.15% from the company's previous close.

A number of other research firms have also commented on AZO. JPMorgan Chase & Co. increased their price objective on AutoZone from $4,200.00 to $4,850.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Morgan Stanley raised their price target on AutoZone from $4,000.00 to $4,700.00 and gave the stock an "overweight" rating in a research note on Wednesday. Raymond James Financial decreased their price target on AutoZone from $4,900.00 to $4,800.00 and set a "strong-buy" rating on the stock in a research note on Wednesday. Mizuho raised their price target on AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Finally, Cowen reissued a "buy" rating on shares of AutoZone in a research note on Thursday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $4,540.29.

AutoZone Stock Up 1.4%

Shares of AZO stock opened at $4,176.31 on Thursday. AutoZone has a fifty-two week low of $2,980.10 and a fifty-two week high of $4,388.11. The stock has a market cap of $70.09 billion, a P/E ratio of 28.83, a P/E/G ratio of 2.28 and a beta of 0.41. The business has a fifty day simple moving average of $4,060.00 and a 200-day simple moving average of $3,809.83.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm had revenue of $6.24 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the business earned $51.58 EPS. The company's quarterly revenue was up .6% compared to the same quarter last year. On average, sell-side analysts anticipate that AutoZone will post 152.94 earnings per share for the current year.

Insider Activity at AutoZone

In related news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the sale, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On AutoZone

Several hedge funds have recently modified their holdings of the stock. Brighton Jones LLC increased its holdings in AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after purchasing an additional 14 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in AutoZone by 9.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,961 shares of the company's stock valued at $19,088,000 after purchasing an additional 508 shares during the period. Fire Capital Management LLC acquired a new position in AutoZone during the 4th quarter valued at approximately $368,000. MassMutual Private Wealth & Trust FSB boosted its position in AutoZone by 18.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the company's stock worth $416,000 after acquiring an additional 17 shares during the period. Finally, Marcum Wealth LLC acquired a new position in AutoZone during the 1st quarter worth $221,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

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.

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