AutoZone (NYSE:AZO) Given New $2,520.00 Price Target at Citigroup

AutoZone (NYSE:AZOGet Rating) had its target price upped by Citigroup from $2,250.00 to $2,520.00 in a report issued on Tuesday, The Fly reports. Citigroup currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on AZO. MKM Partners began coverage on shares of AutoZone in a research note on Thursday, June 23rd. They set a buy rating and a $2,350.00 target price on the stock. Wedbush reaffirmed an outperform rating on shares of AutoZone in a research note on Monday, May 23rd. DA Davidson lifted their target price on shares of AutoZone from $1,900.00 to $1,920.00 and gave the stock a neutral rating in a research note on Wednesday, May 25th. Stephens lifted their target price on shares of AutoZone from $2,195.00 to $2,285.00 and gave the stock an overweight rating in a research note on Thursday, May 26th. Finally, Morgan Stanley raised shares of AutoZone from an equal weight rating to an overweight rating and lifted their target price for the stock from $2,125.00 to $2,420.00 in a research note on Thursday, June 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $2,234.41.

AutoZone Stock Performance

AutoZone stock opened at $2,131.47 on Tuesday. The company’s fifty day moving average price is $2,189.77 and its 200 day moving average price is $2,094.34. AutoZone has a 1 year low of $1,605.97 and a 1 year high of $2,362.24. The stock has a market capitalization of $41.54 billion, a P/E ratio of 18.91, a P/E/G ratio of 1.54 and a beta of 0.78.

AutoZone (NYSE:AZOGet Rating) last released its quarterly earnings results on Monday, September 19th. The company reported $40.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $38.31 by $2.20. AutoZone had a net margin of 15.21% and a negative return on equity of 92.10%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $5.16 billion. During the same quarter last year, the company earned $35.72 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. Sell-side analysts predict that AutoZone will post 115.12 EPS for the current year.

Insiders Place Their Bets

In other AutoZone news, VP Domingo Hurtado sold 395 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $2,217.53, for a total transaction of $875,924.35. Following the sale, the vice president now directly owns 362 shares in the company, valued at $802,745.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Domingo Hurtado sold 395 shares of the business’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $2,217.53, for a total transaction of $875,924.35. Following the completion of the transaction, the vice president now directly owns 362 shares of the company’s stock, valued at $802,745.86. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William C. Rhodes III sold 2,958 shares of the business’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $2,206.33, for a total value of $6,526,324.14. Following the transaction, the chief executive officer now directly owns 15,935 shares of the company’s stock, valued at $35,157,868.55. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in AutoZone by 368.0% in the first quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock valued at $841,242,000 after purchasing an additional 323,536 shares in the last quarter. Norges Bank acquired a new position in AutoZone in the fourth quarter valued at approximately $420,100,000. JPMorgan Chase & Co. boosted its holdings in AutoZone by 13.9% in the first quarter. JPMorgan Chase & Co. now owns 1,188,751 shares of the company’s stock valued at $2,430,495,000 after purchasing an additional 144,984 shares in the last quarter. Aaron Wealth Advisors LLC acquired a new position in AutoZone in the first quarter valued at approximately $39,000. Finally, Marshall Wace LLP boosted its holdings in AutoZone by 1,730.2% in the fourth quarter. Marshall Wace LLP now owns 76,099 shares of the company’s stock valued at $159,533,000 after purchasing an additional 71,941 shares in the last quarter. 92.90% of the stock is owned by institutional investors and hedge funds.

AutoZone Company Profile

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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.

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