AutoZone (NYSE:AZO) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo & Company has raised its price target for AutoZone from $4,200.00 to $4,800.00, suggesting a potential upside of 10.92% from the stock's previous close.
• AutoZone has received positive ratings from multiple analysts, with a consensus rating of Buy and a consensus target price of $4,257.95.
• Recent insider activity includes significant stock sales by executives, indicating a decrease in insider ownership, which now stands at 2.10% of total shares.

AutoZone (NYSE:AZO - Get Free Report) had its price target lifted by Wells Fargo & Company from $4,200.00 to $4,800.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 10.92% from the stock's previous close.

Several other equities research analysts have also weighed in on the stock. Bank of America upgraded shares of AutoZone from a "neutral" rating to a "buy" rating and increased their target price for the stock from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Evercore ISI raised their target price on shares of AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a research note on Monday, August 18th. Morgan Stanley reiterated an "overweight" rating and issued a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. The Goldman Sachs Group set a $3,811.00 price target on shares of AutoZone in a report on Friday, May 23rd. Finally, Mizuho upped their price objective on shares of AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Three research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $4,257.95.

AutoZone Price Performance

AZO opened at $4,327.37 on Monday. AutoZone has a one year low of $2,898.57 and a one year high of $4,388.11. The company's 50 day simple moving average is $3,989.84 and its 200-day simple moving average is $3,778.43. The stock has a market capitalization of $72.61 billion, a P/E ratio of 29.29, a price-to-earnings-growth ratio of 2.28 and a beta of 0.41.

Insider Activity

In related news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction dated 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 completion of the transaction, the vice president owned 2,925 shares in the company, valued at approximately $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP K. Michelle Borninkhof sold 750 shares of the stock in a transaction dated 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 transaction, the senior vice president owned 406 shares of the company's stock, valued at $1,460,434.78. This represents a 64.88% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

A number of large investors have recently modified their holdings of the company. AlphaCore Capital LLC purchased a new stake in AutoZone in the first quarter valued at approximately $27,000. Saudi Central Bank purchased a new stake in AutoZone in the first quarter valued at approximately $27,000. Aspect Partners LLC raised its stake in AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company's stock valued at $30,000 after purchasing an additional 7 shares in the last quarter. Bank of Jackson Hole Trust purchased a new stake in AutoZone in the second quarter valued at approximately $33,000. Finally, NewSquare Capital LLC raised its stake in AutoZone by 50.0% in the second quarter. NewSquare Capital LLC now owns 9 shares of the company's stock valued at $33,000 after purchasing an additional 3 shares in the last quarter. 92.74% of the stock is currently owned by 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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