AutoZone (NYSE:AZO) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

AutoZone (NYSE:AZO) had its target price boosted by Wells Fargo & Company from $3,450.00 to $3,750.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 12.08% from the stock’s current price.

A number of other research firms have also recently commented on AZO. Morgan Stanley increased their target price on shares of AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Redburn Atlantic raised AutoZone to a “strong-buy” rating in a research report on Tuesday, October 1st. Roth Mkm reaffirmed a “buy” rating and set a $3,634.00 target price on shares of AutoZone in a research report on Wednesday, October 16th. StockNews.com downgraded AutoZone from a “buy” rating to a “hold” rating in a report on Saturday, September 21st. Finally, Guggenheim boosted their price target on AutoZone from $3,350.00 to $3,750.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and an average price target of $3,339.25.

AutoZone Trading Up 0.1 %

Shares of NYSE AZO opened at $3,345.71 on Wednesday. AutoZone has a 12-month low of $2,510.00 and a 12-month high of $3,416.71. The stock’s fifty day simple moving average is $3,142.71 and its two-hundred day simple moving average is $3,059.09. The stock has a market capitalization of $56.56 billion, a PE ratio of 22.35, a price-to-earnings-growth ratio of 1.70 and a beta of 0.71.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $33.69 by ($1.17). The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.30 billion. AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. AutoZone’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $32.55 EPS. On average, equities analysts predict that AutoZone will post 155.79 earnings per share for the current fiscal year.

Insider Buying and Selling at AutoZone

In other AutoZone news, Chairman William C. Rhodes III sold 13,000 shares of AutoZone stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the completion of the transaction, the chairman now owns 13,857 shares of the company’s stock, valued at approximately $43,055,777.55. The trade was a 48.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Scott Murphy sold 1,580 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the transaction, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. This trade represents a 56.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,880 shares of company stock worth $46,225,660. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Several institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC increased its position in shares of AutoZone by 354,692.5% in the third quarter. International Assets Investment Management LLC now owns 993,419 shares of the company’s stock valued at $31,293,100,000 after buying an additional 993,139 shares in the last quarter. Geode Capital Management LLC grew its stake in AutoZone by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 421,716 shares of the company’s stock valued at $1,326,545,000 after acquiring an additional 7,365 shares during the period. Marshfield Associates grew its stake in AutoZone by 0.5% in the 3rd quarter. Marshfield Associates now owns 169,586 shares of the company’s stock valued at $534,204,000 after acquiring an additional 796 shares during the period. Legal & General Group Plc increased its holdings in AutoZone by 2.3% in the 2nd quarter. Legal & General Group Plc now owns 150,698 shares of the company’s stock worth $446,684,000 after acquiring an additional 3,382 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in AutoZone during the second quarter worth $424,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

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.