AutoZone, Inc. (NYSE:AZO) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on AutoZone, with 20 buy ratings, six holds and one strong-buy rating among 27 firms. The average 12-month price target is $3,957.38, though several firms recently lowered their targets.
• AutoZone shares opened at $2,876.76, near their 12-month low of $2,865.13 and well below the 12-month high of $4,363.29. The company also authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.
• An AutoZone vice president sold 1,455 shares worth $4.51 million, while institutional investors and hedge funds collectively own 92.74% of the company.

AutoZone, Inc. (NYSE:AZO - Get Free Report) has received an average recommendation of "Moderate Buy" from the twenty-seven research firms that are currently covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $3,957.3750.

Several research analysts recently commented on AZO shares. The Goldman Sachs Group lowered their target price on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Wells Fargo & Company cut their target price on AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating on the stock in a research report on Thursday. Morgan Stanley decreased their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Robert W. Baird dropped their target price on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Finally, Piper Sandler set a $3,500.00 price objective on shares of AutoZone in a research report on Monday, August 31st.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares of the company's stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On AutoZone

A number of large investors have recently added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. purchased a new position in AutoZone in the 3rd quarter valued at about $25,000. Transamerica Financial Advisors LLC grew its holdings in shares of AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after buying an additional 4 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in shares of AutoZone in the second quarter valued at approximately $29,000. MCF Advisors LLC raised its position in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after buying an additional 3 shares during the last quarter. Finally, Bard Associates Inc. purchased a new position in shares of AutoZone during the fourth quarter valued at approximately $31,000. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Price Performance

Shares of AutoZone stock opened at $2,876.76 on Friday. AutoZone has a 12 month low of $2,865.13 and a 12 month high of $4,363.29. The stock has a market capitalization of $46.96 billion, a price-to-earnings ratio of 19.78, a price-to-earnings-growth ratio of 1.44 and a beta of 0.34. The business has a 50-day moving average of $3,010.86 and a 200 day moving average of $3,251.29.

AutoZone declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

AutoZone Company Profile

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.

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