AutoZone (NYSE:AZO) Upgraded to "Buy" at Bank of America

AutoZone (NYSE:AZO - Get Free Report) was upgraded by investment analysts at Bank of America from a "neutral" rating to a "buy" rating in a report issued on Wednesday,Finviz reports. The brokerage currently has a $4,800.00 target price on the stock. Bank of America's price target points to a potential upside of 23.72% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Roth Capital set a $3,763.00 target price on AutoZone in a research report on Wednesday, March 5th. The Goldman Sachs Group raised shares of AutoZone from a "sell" rating to a "neutral" rating and increased their target price for the company from $3,044.00 to $3,811.00 in a research note on Tuesday, April 1st. Morgan Stanley raised their target price on shares of AutoZone from $3,490.00 to $3,750.00 and gave the stock an "overweight" rating in a report on Wednesday, March 5th. Raymond James reiterated a "strong-buy" rating on shares of AutoZone in a report on Wednesday, March 5th. Finally, BMO Capital Markets boosted their target price on AutoZone from $3,700.00 to $3,850.00 and gave the company an "outperform" rating in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $3,887.82.

AutoZone Price Performance

AZO stock opened at $3,879.79 on Wednesday. The business has a fifty day moving average price of $3,671.82 and a 200-day moving average price of $3,432.84. AutoZone has a 1-year low of $2,728.97 and a 1-year high of $3,926.00. The stock has a market capitalization of $65.11 billion, a P/E ratio of 25.92, a P/E/G ratio of 1.86 and a beta of 0.44.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $29.11 by ($0.82). AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.98 billion. As a group, analysts anticipate that AutoZone will post 152.94 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Domingo Hurtado sold 4,800 shares of the firm'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 transaction of $17,568,000.00. Following the completion of the sale, the vice president now owns 159 shares of the company's stock, valued at approximately $581,940. This trade represents a 96.79% 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 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 Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. AlphaCore Capital LLC acquired a new stake in shares of AutoZone during the 1st quarter valued at $27,000. Saudi Central Bank bought a new stake in AutoZone in the first quarter worth approximately $27,000. Headlands Technologies LLC bought a new position in AutoZone during the fourth quarter valued at about $29,000. Flagship Wealth Advisors LLC acquired a new stake in AutoZone in the 4th quarter worth approximately $32,000. Finally, Harbour Investments Inc. boosted its holdings 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 buying an additional 3 shares during the period. Institutional investors and hedge funds 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.

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