Wolfe Research Initiates Coverage on AutoZone (NYSE:AZO)

Key Points

• Wolfe Research has reiterated an "outperform" rating for AutoZone (AZO) with a target price of $4,741.00, indicating a potential upside of 12.23% from the previous close.
• Additional upgrades from various analysts have raised AutoZone's price targets significantly, with a consensus average target of $4,357.59.
• Insider trading activity shows notable sales, including a substantial sale by VP Richard Craig Smith, who decreased his holdings by over 50%.

Analysts at Wolfe Research began coverage on shares of AutoZone (NYSE:AZO - Get Free Report) in a report issued on Thursday, Marketbeat.com reports. The firm set an "outperform" rating and a $4,741.00 price target on the stock. Wolfe Research's price target indicates a potential upside of 11.99% from the company's previous close.

Several other research firms have also recently weighed in on AZO. Guggenheim raised their price objective on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. DA Davidson increased their target price on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Raymond James Financial restated a "strong-buy" rating and set a $4,900.00 price objective (up previously from $4,200.00) on shares of AutoZone in a research note on Tuesday. Roth Capital set a $4,135.00 price objective on shares of AutoZone and gave the company a "buy" rating in a research report on Monday, June 2nd. Finally, Wells Fargo & Company increased their price target on AutoZone from $4,200.00 to $4,800.00 and gave the company an "overweight" rating in a research note on Monday. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, AutoZone has a consensus rating of "Buy" and an average target price of $4,357.59.

AutoZone Stock Performance

NYSE AZO traded up $0.99 on Thursday, reaching $4,233.56. The company's stock had a trading volume of 7,571 shares, compared to its average volume of 127,835. AutoZone has a twelve month low of $2,898.57 and a twelve month high of $4,388.11. The stock has a market cap of $71.04 billion, a PE ratio of 28.65, a PEG ratio of 2.23 and a beta of 0.41. The firm's 50 day moving average is $4,017.73 and its two-hundred day moving average is $3,789.63.

Insider Buying and Selling at AutoZone

In other news, SVP K. Michelle Borninkhof sold 750 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the senior vice president directly owned 406 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction on 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 directly owned 2,925 shares of the company's stock, valued at $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On AutoZone

A number of institutional investors and hedge funds have recently made changes to their positions in AZO. Laurel Wealth Advisors LLC grew its holdings in shares of AutoZone by 371,123.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock worth $3,472,724,000 after acquiring an additional 935,230 shares during the period. GAMMA Investing LLC raised its stake in shares of AutoZone by 435,031.1% during the 1st quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock valued at $2,936,535,000 after buying an additional 770,005 shares during the last quarter. Norges Bank purchased a new stake in AutoZone in the second quarter valued at $981,202,000. Livforsakringsbolaget Skandia Omsesidigt grew its position in AutoZone by 7,358.8% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company's stock worth $902,929,000 after purchasing an additional 239,970 shares during the last quarter. Finally, Nuveen LLC purchased a new position in AutoZone during the first quarter worth approximately $442,530,000. 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.