AutoZone (NYSE:AZO) Reaches New 12-Month High - Time to Buy?

Key Points

• AutoZone's stock reached a new 52-week high of $3,919.50 and last traded at $3,896.14, with an average target price from analysts at $4,087.00.
• Despite its recent performance, the company's last earnings report showed an EPS of $35.36, which was below the analyst consensus estimate of $37.07.
• Insider sales have been significant, with Chairman William C. Rhodes III selling 27,500 shares, representing a 76.29% decrease in his holdings.

Shares of AutoZone, Inc. (NYSE:AZO - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $3,919.50 and last traded at $3,896.14, with a volume of 22220 shares traded. The stock had previously closed at $3,873.85.

Analysts Set New Price Targets

Several brokerages have issued reports on AZO. Oppenheimer upgraded shares of AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price objective for the company in a research report on Friday, May 2nd. UBS Group raised their price objective on shares of AutoZone from $4,025.00 to $4,260.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. JPMorgan Chase & Co. lifted their price target on shares of AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Morgan Stanley reiterated an "overweight" rating and issued a $4,000.00 price target (up from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. Finally, Mizuho lifted their price target on shares of AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, AutoZone presently has an average rating of "Buy" and an average target price of $4,087.00.

AutoZone Price Performance

The firm's fifty day moving average price is $3,707.59 and its 200-day moving average price is $3,615.00. The company has a market capitalization of $64.74 billion, a price-to-earnings ratio of 26.11, a P/E/G ratio of 2.25 and a beta of 0.38.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $37.07 by ($1.71). The company had revenue of $4.46 billion for the quarter, compared to analyst estimates of $4.41 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company posted $36.69 earnings per share. On average, research analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Insider Buying and Selling at AutoZone

In related news, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the sale, the senior vice president owned 406 shares of the company's stock, valued at $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Jamere Jackson sold 2,612 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $3,728.05, for a total transaction of $9,737,666.60. Following the completion of the sale, the chief financial officer directly owned 427 shares in the company, valued at approximately $1,591,877.35. This represents a 85.95% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,862 shares of company stock worth $126,058,789. Company insiders own 2.10% of the company's stock.

Institutional Trading of AutoZone

Several institutional investors have recently modified their holdings of AZO. Brighton Jones LLC boosted its position in AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock valued at $356,000 after acquiring an additional 14 shares during the last quarter. Headlands Technologies LLC bought a new stake in AutoZone during the fourth quarter valued at $29,000. Huntington National Bank boosted its position in AutoZone by 2.5% during the fourth quarter. Huntington National Bank now owns 532 shares of the company's stock valued at $1,703,000 after acquiring an additional 13 shares during the last quarter. Landscape Capital Management L.L.C. bought a new stake in AutoZone during the fourth quarter valued at $2,879,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in AutoZone during the fourth quarter valued at $21,506,000. Institutional investors own 92.74% of the company's stock.

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.