AutoZone (NYSE:AZO) Reaches New 12-Month High - Still a Buy?

Key Points

• AutoZone's stock reached a new **52-week high**, trading at **$3,972.19**, with a significant volume of **113,024 shares** traded, showcasing strong market activity.
• Multiple financial analysts have upgraded their ratings for AutoZone, with UBS increasing the price target to **$4,260.00** and Bank of America raising it to **$4,800.00**, reflecting a bullish outlook on the company's performance.
• In recent insider trading, AutoZone's CFO sold **2,612 shares**, indicating a **85.95% decrease** in their stock holdings, while institutional investors now own **92.74%** of the company's stock.

AutoZone, Inc. (NYSE:AZO - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $3,972.19 and last traded at $3,967.24, with a volume of 113024 shares changing hands. The stock had previously closed at $3,858.86.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AZO shares. Roth Capital set a $4,135.00 price target on AutoZone and gave the company a "buy" rating in a research note on Monday, June 2nd. Evercore ISI set a $3,950.00 price objective on shares of AutoZone in a research note on Monday, May 19th. Guggenheim boosted their price target on shares of AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Truist Financial set a $3,995.00 price target on AutoZone in a report on Friday, May 23rd. Finally, DA Davidson raised their price target on AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $4,087.00.

AutoZone Stock Up 1.7%

The company has a 50 day simple moving average of $3,716.88 and a 200-day simple moving average of $3,628.70. The stock has a market capitalization of $68.48 billion, a price-to-earnings ratio of 27.62, a price-to-earnings-growth ratio of 2.39 and a beta of 0.38.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing the consensus estimate of $37.07 by ($1.71). The business had revenue of $4.46 billion for the quarter, compared to analysts' expectations of $4.41 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The company's revenue was up 5.4% compared to the same quarter last year. During the same period last year, the business posted $36.69 earnings per share. As a group, sell-side analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the completion of the transaction, the senior vice president directly owned 406 shares in the company, valued at $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,862 shares of company stock valued at $126,058,789. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AutoZone

Several hedge funds have recently bought and sold shares of AZO. GAMMA Investing LLC grew its stake in shares of AutoZone by 435,031.1% during the 1st quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock valued at $2,936,535,000 after acquiring an additional 770,005 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of AutoZone by 7,358.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company's stock worth $902,929,000 after purchasing an additional 239,970 shares in the last quarter. Nuveen LLC bought a new stake in AutoZone in the first quarter valued at about $442,530,000. Barclays PLC raised its holdings in shares of AutoZone by 82.6% in the 4th quarter. Barclays PLC now owns 170,216 shares of the company's stock valued at $545,033,000 after purchasing an additional 77,015 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings 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 during the last quarter. 92.74% of the stock is currently 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.