Guggenheim Forecasts Strong Price Appreciation for AutoZone (NYSE:AZO) Stock

AutoZone (NYSE:AZO - Get Free Report) had its target price lifted by equities researchers at Guggenheim from $3,850.00 to $4,100.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price target would indicate a potential upside of 11.25% from the company's previous close.

Several other research firms also recently weighed in on AZO. Argus downgraded AutoZone from a "buy" rating to a "hold" rating in a research report on Wednesday, March 5th. Wedbush restated an "outperform" rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Wednesday, March 5th. Roth Capital set a $3,763.00 price objective on AutoZone in a report on Wednesday, March 5th. Evercore ISI set a $3,950.00 price objective on AutoZone in a report on Monday, May 19th. Finally, Oppenheimer upgraded AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price objective for the company in a report on Friday, May 2nd. Two research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, AutoZone has an average rating of "Buy" and a consensus target price of $4,054.52.

AutoZone Stock Performance

NYSE AZO traded down $58.99 on Wednesday, hitting $3,685.43. 135,200 shares of the stock were exchanged, compared to its average volume of 129,632. The stock has a fifty day moving average price of $3,697.62 and a two-hundred day moving average price of $3,462.70. The firm has a market capitalization of $61.85 billion, a P/E ratio of 24.62, a P/E/G ratio of 1.86 and a beta of 0.44. AutoZone has a 52-week low of $2,728.97 and a 52-week high of $3,916.81.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share for the quarter, missing the consensus estimate of $37.07 by ($1.71). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The business had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter last year, the business posted $36.69 earnings per share. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. Sell-side analysts expect that AutoZone will post 152.94 earnings per share for the current fiscal year.

Insider Transactions at AutoZone

In related news, SVP Bailey L. Childress sold 160 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 owns 50 shares in the company, valued at $177,500. This represents a 76.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Domingo Hurtado sold 4,800 shares of the company's stock in a transaction that occurred on 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 sale, the vice president now owns 159 shares in the company, valued at approximately $581,940. This represents a 96.79% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,521 shares of company stock worth $42,177,331. Insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On AutoZone

A number of large investors have recently bought and sold shares of AZO. AlphaCore Capital LLC purchased a new stake in AutoZone in the first quarter valued at approximately $27,000. Saudi Central Bank acquired a new stake in shares of AutoZone during the 1st quarter worth approximately $27,000. Headlands Technologies LLC acquired a new stake in shares of AutoZone during the 4th quarter worth approximately $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of AutoZone during the 4th quarter worth approximately $32,000. Finally, Harbour Investments Inc. grew its stake in shares of AutoZone by 42.9% during the 4th quarter. Harbour Investments Inc. now owns 10 shares of the company's stock worth $32,000 after purchasing an additional 3 shares during the period. Hedge funds and other 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.