AutoZone (NYSE:AZO) Rating Increased to Strong-Buy at BNP Paribas

AutoZone (NYSE:AZO) was upgraded by equities researchers at BNP Paribas to a “strong-buy” rating in a research report issued on Wednesday, Zacks.com reports.

A number of other equities analysts have also recently weighed in on the stock. Mizuho increased their price target on shares of AutoZone from $3,280.00 to $3,350.00 and gave the company an “outperform” rating in a report on Wednesday. Oppenheimer reiterated a “market perform” rating and issued a $2,600.00 price objective on shares of AutoZone in a research report on Wednesday, June 26th. Citigroup lowered their price target on AutoZone from $3,787.00 to $3,500.00 and set a “buy” rating for the company in a report on Wednesday. Evercore ISI decreased their price target on shares of AutoZone from $3,900.00 to $3,350.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. Finally, StockNews.com downgraded AutoZone from a “buy” rating to a “hold” rating in a report on Saturday, September 21st. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $3,169.38.

AutoZone Price Performance

Shares of AZO stock opened at $3,196.61 on Wednesday. The company has a market capitalization of $54.61 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71. The firm’s 50-day moving average is $3,121.63 and its two-hundred day moving average is $3,012.27. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). The business had revenue of $6.21 billion during the quarter, compared to analyst estimates of $6.25 billion. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The company’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $46.46 earnings per share. Sell-side analysts forecast that AutoZone will post 151.08 EPS for the current year.

Insider Transactions at AutoZone

In related news, VP John Scott Murphy sold 1,580 shares of the business’s stock in a transaction that occurred on 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 sale, the vice president now owns 1,218 shares of the company’s stock, valued at $3,785,166.42. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Rise Advisors LLC acquired a new stake in shares of AutoZone in the first quarter worth $32,000. Riverview Trust Co purchased a new position in AutoZone during the first quarter valued at approximately $41,000. Meeder Asset Management Inc. increased its stake in AutoZone by 50.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after buying an additional 5 shares during the period. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of AutoZone during the 2nd quarter valued at $50,000. Finally, ORG Partners LLC purchased a new stake in shares of AutoZone during the second quarter worth $50,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

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.