AutoZone (NYSE:AZO) Share Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• AutoZone shares rose above their 200-day moving average of $3,245.76, reaching an intraday high of $3,284.19 and last trading at about $3,258.55.
• Analyst sentiment is broadly positive: the stock has a consensus “Moderate Buy” rating and an average price target of $3,674.36, though BMO lowered its target to $3,500.
• In its latest reported quarter, revenue increased 5.6% year over year to $6.59 billion, below analysts’ $6.70 billion estimate; AutoZone reported EPS of $56.05, as stated in the article.

AutoZone, Inc. (NYSE:AZO - Get Free Report) shares crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $3,245.76 and traded as high as $3,284.19. AutoZone shares last traded at $3,258.5520, with a volume of 156,302 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on AZO. Sanford C. Bernstein started coverage on AutoZone in a research report on Tuesday, September 29th. They set an "outperform" rating and a $3,698.00 price target on the stock. BMO Capital Markets dropped their price objective on AutoZone from $4,000.00 to $3,500.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of AutoZone in a report on Wednesday, October 21st. Piper Sandler set a $3,500.00 target price on shares of AutoZone in a research note on Monday, August 31st. Finally, UBS Group set a $3,850.00 target price on shares of AutoZone in a report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, AutoZone presently has a consensus rating of "Moderate Buy" and an average target price of $3,674.36.

AutoZone Stock Performance

The stock has a market capitalization of $52.43 billion, a P/E ratio of 21.33, a PEG ratio of 1.67 and a beta of 0.37. The company's fifty day simple moving average is $3,014.75 and its two-hundred day simple moving average is $3,245.76.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, beating the consensus estimate of $0.54 by $55.51. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $48.71 earnings per share. On average, research analysts predict that AutoZone, Inc. will post 170.30 earnings per share for the current fiscal year.

Insider Transactions at AutoZone

In other AutoZone news, CFO Jamere Jackson sold 6,900 shares of the company's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $3,319.71, for a total value of $22,905,999.00. Following the transaction, the chief financial officer directly owned 496 shares of the company's stock, valued at $1,646,576.16. This represents a 93.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On AutoZone

Institutional investors and hedge funds have recently modified their holdings of the business. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of AutoZone in the second quarter valued at approximately $29,000. Burkett Financial Services LLC bought a new stake in shares of AutoZone in the third quarter valued at approximately $31,000. Heritage Family Offices LLP acquired a new stake in AutoZone during the third quarter worth approximately $31,000. Tacita Capital Inc acquired a new stake in AutoZone during the second quarter worth approximately $32,000. Finally, Asset Dedication LLC grew its position in AutoZone by 150.0% during the first quarter. Asset Dedication LLC now owns 10 shares of the company's stock worth $34,000 after buying an additional 6 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

About AutoZone

AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores. Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.

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