Oppenheimer Weighs in on AutoZone, Inc.’s FY2022 Earnings (NYSE:AZO)

AutoZone, Inc. (NYSE:AZOGet Rating) – Research analysts at Oppenheimer raised their FY2022 EPS estimates for AutoZone in a note issued to investors on Wednesday, May 25th. Oppenheimer analyst B. Nagel now forecasts that the company will post earnings of $114.78 per share for the year, up from their prior forecast of $111.29. Oppenheimer also issued estimates for AutoZone’s Q4 2022 earnings at $38.23 EPS.

AutoZone (NYSE:AZOGet Rating) last announced its earnings results on Tuesday, May 24th. The company reported $29.03 EPS for the quarter, topping the consensus estimate of $25.70 by $3.33. AutoZone had a net margin of 15.44% and a negative return on equity of 109.21%. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.71 billion. During the same period last year, the company posted $26.48 earnings per share. The business’s revenue for the quarter was up 5.9% on a year-over-year basis.

Several other analysts have also recently commented on AZO. Truist Financial decreased their price target on shares of AutoZone from $2,215.00 to $2,174.00 and set a “buy” rating for the company in a report on Wednesday. DA Davidson raised their price target on shares of AutoZone from $1,900.00 to $1,920.00 and gave the stock a “neutral” rating in a report on Wednesday. Argus upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $2,210.00 price target for the company in a report on Tuesday, March 29th. Wedbush restated an “outperform” rating on shares of AutoZone in a report on Monday. Finally, Morgan Stanley raised their price target on shares of AutoZone from $2,050.00 to $2,125.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, AutoZone currently has an average rating of “Buy” and a consensus target price of $2,095.33.

Shares of AZO opened at $2,028.96 on Friday. AutoZone has a one year low of $1,367.96 and a one year high of $2,267.40. The company has a 50-day moving average of $2,039.27 and a two-hundred day moving average of $1,977.43. The stock has a market cap of $40.27 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.50 and a beta of 0.90.

In related news, EVP Preston Frazer sold 1,500 shares of the business’s stock in a transaction on Wednesday, April 20th. The shares were sold at an average price of $2,220.00, for a total transaction of $3,330,000.00. Following the transaction, the executive vice president now owns 783 shares of the company’s stock, valued at $1,738,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Philip B. Daniele sold 100 shares of the business’s stock in a transaction on Friday, March 4th. The shares were sold at an average price of $1,890.00, for a total transaction of $189,000.00. The disclosure for this sale can be found here. Insiders have sold 7,682 shares of company stock worth $16,146,334 in the last ninety days. 2.60% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. Riverview Trust Co acquired a new stake in shares of AutoZone in the 1st quarter valued at $27,000. Allworth Financial LP acquired a new stake in shares of AutoZone in the 4th quarter valued at $29,000. CVA Family Office LLC acquired a new stake in shares of AutoZone in the 4th quarter valued at $31,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in shares of AutoZone in the 4th quarter valued at $27,000. Finally, Tcwp LLC acquired a new stake in shares of AutoZone in the 1st quarter valued at $30,000. 95.97% of the stock is currently owned by hedge funds and other institutional investors.

About AutoZone (Get Rating)

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, as well as tire repairs.

Further Reading

Earnings History and Estimates for AutoZone (NYSE:AZO)

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