AutoZone (NYSE:AZO) Shares Break Above 200 Day Moving Average - Time to Sell?

Key Points

• AutoZone shares moved above their 200-day moving average, reaching as high as $3,347.37 and last trading at about $3,327.64, compared with a 200-day average of $3,257.98.
• Analysts maintain a “Moderate Buy” consensus: 21 rate the stock Buy, two Strong Buy and six Hold, with an average price target of $3,674.36.
• Quarterly revenue was $6.59 billion, up 5.6% year over year, but below the $6.70 billion consensus estimate.

AutoZone, Inc. (NYSE:AZO - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $3,257.98 and traded as high as $3,347.37. AutoZone shares last traded at $3,327.6390, with a volume of 183,471 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AZO. Sanford C. Bernstein began coverage on AutoZone in a research note on Tuesday, September 29th. They issued an "outperform" rating and a $3,698.00 target price for the company. Oppenheimer set a $3,400.00 price target on shares of AutoZone 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. Barclays lowered their price target on shares of AutoZone from $3,637.00 to $3,400.00 and set an "overweight" rating on the stock in a report on Wednesday, September 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of AutoZone from $3,850.00 to $3,700.00 and set an "overweight" rating for the company in a research note on Monday, September 28th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $3,674.36.

AutoZone Stock Performance

The firm has a 50 day moving average price of $2,980.58 and a two-hundred day moving average price of $3,257.98. The company has a market capitalization of $53.54 billion, a P/E ratio of 21.78, a price-to-earnings-growth ratio of 1.65 and a beta of 0.37.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, topping the consensus estimate of $0.54 by $55.51. The business had revenue of $6.59 billion during 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%. AutoZone's revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the company earned $48.71 EPS. On average, equities analysts expect that AutoZone, Inc. will post 170.30 earnings per share for the current year.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Institutional investors have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. bought a new position in shares of AutoZone in the 2nd quarter worth $29,000. Asset Dedication LLC grew its stake in shares of AutoZone by 150.0% during the first quarter. Asset Dedication LLC now owns 10 shares of the company's stock worth $34,000 after purchasing an additional 6 shares during the period. Tacita Capital Inc bought a new stake in AutoZone in the second quarter valued at about $32,000. Burkett Financial Services LLC bought a new stake in AutoZone in the third quarter valued at about $31,000. Finally, Heritage Family Offices LLP acquired a new position in AutoZone in the third quarter valued at about $31,000. 92.74% of the stock is owned by institutional investors.

About AutoZone

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.

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