Barclays Issues Positive Forecast for AutoZone (NYSE:AZO) Stock Price

Key Points

• Barclays has raised its price target for AutoZone (NYSE:AZO) from $3,916.00 to $4,610.00, indicating a potential upside of 6.59% from the previous closing price.
• AutoZone currently holds a consensus rating of "Buy" from analysts, with a significant majority rating the stock favorably, including three strong buy ratings.
• In recent trading, AutoZone's stock increased by $72.24, reaching $4,325.14, while the stock has shown a 52-week range between $2,898.57 and $4,334.55.

AutoZone (NYSE:AZO - Get Free Report) had its price target hoisted by equities research analysts at Barclays from $3,916.00 to $4,610.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's price objective would indicate a potential upside of 6.59% from the company's previous close.

Other equities analysts have also recently issued research reports about the stock. DA Davidson increased their price objective on shares of AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Mizuho increased 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. 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. Wells Fargo & Company set a $4,200.00 price objective on shares of AutoZone and gave the company an "overweight" rating in a research note on Monday, May 19th. Finally, Guggenheim raised their price target on shares of AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $4,197.71.

AutoZone Price Performance

Shares of AutoZone stock traded up $72.24 during trading on Thursday, hitting $4,325.14. The company's stock had a trading volume of 17,592 shares, compared to its average volume of 127,743. AutoZone has a 52 week low of $2,898.57 and a 52 week high of $4,334.55. The stock has a market cap of $72.58 billion, a price-to-earnings ratio of 29.35, a price-to-earnings-growth ratio of 2.26 and a beta of 0.41. The stock has a 50-day moving average price of $3,963.00 and a two-hundred day moving average price of $3,760.65.

Insider Activity

In related news, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. The trade was a 50.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the transaction, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Institutional Trading of AutoZone

Institutional investors have recently added to or reduced their stakes in the business. Laurel Wealth Advisors LLC raised its holdings in AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock valued at $3,472,724,000 after acquiring an additional 935,230 shares during the period. GAMMA Investing LLC raised its holdings in AutoZone by 435,031.1% during the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock valued at $2,936,535,000 after acquiring an additional 770,005 shares during the period. Norges Bank purchased a new position in shares of AutoZone during the second quarter valued at about $981,202,000. Livforsakringsbolaget Skandia Omsesidigt grew its position in shares of AutoZone by 7,358.8% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company's stock valued at $902,929,000 after purchasing an additional 239,970 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of AutoZone during the first quarter valued at about $442,530,000. 92.74% of the stock is currently owned by hedge funds and other 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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