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AutoZone's (AZO) "Underperform" Rating Reaffirmed at Bank of America

Last updated on Tuesday, April 27, 2021 | 2021 MarketBeat

AutoZone (NYSE:AZO)'s stock had its "underperform" rating reissued by stock analysts at Bank of America in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $1,390.00 price objective on the stock. Bank of America's price objective would indicate a potential downside of 3.73% from the company's current price.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley boosted their price target on shares of AutoZone from $1,505.00 to $1,640.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 31st. JPMorgan Chase & Co. boosted their price target on shares of AutoZone from $1,395.00 to $1,562.00 and gave the stock an "overweight" rating in a research note on Monday. The Goldman Sachs Group initiated coverage on shares of AutoZone in a research note on Wednesday, March 10th. They set a "buy" rating and a $1,424.00 price objective on the stock. Raymond James increased their price target on shares of AutoZone from $1,565.00 to $1,700.00 and gave the stock a "strong-buy" rating in a research note on Tuesday. Finally, Oppenheimer reaffirmed a "buy" rating and set a $1,500.00 price target on shares of AutoZone in a research note on Wednesday, March 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of "Buy" and a consensus target price of $1,423.23.

AutoZone stock opened at $1,443.88 on Tuesday. AutoZone has a fifty-two week low of $982.30 and a fifty-two week high of $1,524.98. The firm has a 50 day moving average price of $1,389.81 and a 200 day moving average price of $1,230.16. The company has a market capitalization of $31.82 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 2.95 and a beta of 0.83.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Monday, March 1st. The company reported $14.93 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $12.84 by $2.09. The business had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.64 billion. AutoZone had a net margin of 14.05% and a negative return on equity of 139.08%. The company's quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $12.39 earnings per share. As a group, research analysts predict that AutoZone will post 75 earnings per share for the current year.

In other news, VP Philip B. Daniele sold 3,060 shares of AutoZone stock in a transaction that occurred on Friday, March 5th. The shares were sold at an average price of $1,191.16, for a total value of $3,644,949.60. Also, VP Albert Saltiel sold 3,200 shares of AutoZone stock in a transaction that occurred on Wednesday, March 24th. The stock was sold at an average price of $1,345.65, for a total transaction of $4,306,080.00. Following the completion of the transaction, the vice president now directly owns 3,389 shares in the company, valued at approximately $4,560,407.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,673 shares of company stock worth $35,119,737. 2.80% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in AZO. NEXT Financial Group Inc lifted its position in AutoZone by 34.8% during the 1st quarter. NEXT Financial Group Inc now owns 31 shares of the company's stock valued at $44,000 after purchasing an additional 8 shares during the period. Douglas Lane & Associates LLC lifted its position in AutoZone by 3.1% during the 1st quarter. Douglas Lane & Associates LLC now owns 263 shares of the company's stock valued at $369,000 after purchasing an additional 8 shares during the period. Strategic Investment Advisors MI lifted its position in AutoZone by 3.9% during the 4th quarter. Strategic Investment Advisors MI now owns 238 shares of the company's stock valued at $282,000 after purchasing an additional 9 shares during the period. Eudaimonia Partners LLC lifted its position in AutoZone by 3.0% during the 3rd quarter. Eudaimonia Partners LLC now owns 345 shares of the company's stock valued at $406,000 after purchasing an additional 10 shares during the period. Finally, Alpine Woods Capital Investors LLC lifted its position in AutoZone by 1.2% during the 4th quarter. Alpine Woods Capital Investors LLC now owns 860 shares of the company's stock valued at $1,019,000 after purchasing an additional 10 shares during the period. 91.56% of the stock is currently owned by institutional investors.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

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Analyst Recommendations for AutoZone (NYSE:AZO)

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