AutoZone (NYSE:AZO) Receives Outperform Rating from BMO Capital Markets

AutoZone (NYSE:AZO - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities research analysts at BMO Capital Markets in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $4,100.00 target price on the stock, up from their prior target price of $3,850.00. BMO Capital Markets' target price would suggest a potential upside of 9.46% from the stock's current price.

A number of other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. upped their price target on AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. UBS Group upped their price target on AutoZone from $4,025.00 to $4,260.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Morgan Stanley upped their price target on AutoZone from $3,750.00 to $4,000.00 and gave the stock an "overweight" rating in a report on Wednesday. Roth Capital set a $3,763.00 price target on AutoZone in a report on Wednesday, March 5th. Finally, Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and upped their price target for the stock from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $4,054.52.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $3,745.72 on Wednesday. AutoZone has a 1 year low of $2,728.97 and a 1 year high of $3,916.81. The stock has a market capitalization of $62.86 billion, a P/E ratio of 25.02, a PEG ratio of 1.86 and a beta of 0.44. The stock has a 50-day simple moving average of $3,697.18 and a 200-day simple moving average of $3,459.17.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The firm had revenue of $4.46 billion for the quarter, compared to analysts' expectations of $4.41 billion. During the same quarter in the previous year, the firm posted $36.69 EPS. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. Analysts predict 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 2,850 shares of the company's 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 sale, the vice president now directly owns 2,924 shares of the company's stock, valued at approximately $10,555,640. This represents a 49.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bailey L. Childress sold 160 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total value of $568,000.00. Following the sale, the senior vice president now directly owns 50 shares in the company, valued at approximately $177,500. This represents a 76.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,521 shares of company stock valued at $42,177,331. Corporate insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On AutoZone

Several institutional investors and hedge funds have recently made changes to their positions in AZO. Strs Ohio acquired a new stake in AutoZone in the first quarter worth $14,389,000. Geneos Wealth Management Inc. increased its position in AutoZone by 160.7% in the first quarter. Geneos Wealth Management Inc. now owns 73 shares of the company's stock worth $278,000 after buying an additional 45 shares during the period. Anchor Investment Management LLC increased its position in AutoZone by 0.8% in the first quarter. Anchor Investment Management LLC now owns 1,147 shares of the company's stock worth $4,373,000 after buying an additional 9 shares during the period. SageView Advisory Group LLC increased its position in AutoZone by 5.0% in the first quarter. SageView Advisory Group LLC now owns 105 shares of the company's stock worth $400,000 after buying an additional 5 shares during the period. Finally, SCS Capital Management LLC acquired a new stake in AutoZone in the first quarter worth $248,000. 92.74% of the stock is 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.