AutoZone (NYSE:AZO) Earns Buy Rating from The Goldman Sachs Group

The Goldman Sachs Group reiterated their buy rating on shares of AutoZone (NYSE:AZOGet Rating) in a research note published on Wednesday morning, Marketbeat.com reports. The firm currently has a $2,334.00 target price on the stock.

Several other research analysts have also commented on the stock. Morgan Stanley upgraded shares of AutoZone from an equal weight rating to an overweight rating and increased their price target for the stock from $2,125.00 to $2,420.00 in a research note on Thursday, June 16th. UBS Group upped their price objective on shares of AutoZone from $2,100.00 to $2,260.00 and gave the stock a neutral rating in a report on Monday, September 12th. MKM Partners initiated coverage on shares of AutoZone in a report on Thursday, June 23rd. They set a buy rating and a $2,350.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of AutoZone from $2,550.00 to $2,660.00 and gave the stock an overweight rating in a report on Tuesday. Finally, Jefferies Financial Group upped their price objective on shares of AutoZone from $2,350.00 to $2,450.00 and gave the stock a buy rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $2,236.65.

AutoZone Stock Performance

AutoZone stock opened at $2,104.02 on Wednesday. The firm’s 50 day moving average price is $2,187.81 and its two-hundred day moving average price is $2,094.66. AutoZone has a twelve month low of $1,634.34 and a twelve month high of $2,362.24. The firm has a market cap of $41.00 billion, a PE ratio of 17.90, a P/E/G ratio of 1.49 and a beta of 0.78.

AutoZone (NYSE:AZOGet Rating) last announced its quarterly earnings results on Monday, September 19th. The company reported $40.51 EPS for the quarter, topping the consensus estimate of $38.38 by $2.13. AutoZone had a net margin of 14.95% and a negative return on equity of 79.74%. The company had revenue of $5.35 billion for the quarter, compared to analyst estimates of $5.16 billion. During the same quarter in the prior year, the business posted $35.72 EPS. AutoZone’s quarterly revenue was up 8.9% on a year-over-year basis. Equities analysts anticipate that AutoZone will post 123.57 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of AutoZone

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of AutoZone by 1.1% in the fourth quarter. BlackRock Inc. now owns 1,513,879 shares of the company’s stock valued at $3,173,680,000 after purchasing an additional 15,922 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in AutoZone by 6.2% during the second quarter. JPMorgan Chase & Co. now owns 1,262,333 shares of the company’s stock worth $2,712,904,000 after buying an additional 73,582 shares during the last quarter. State Street Corp increased its holdings in AutoZone by 1.9% during the fourth quarter. State Street Corp now owns 901,396 shares of the company’s stock worth $1,889,678,000 after buying an additional 16,973 shares during the last quarter. Boston Partners increased its holdings in AutoZone by 2.7% during the first quarter. Boston Partners now owns 737,596 shares of the company’s stock worth $1,509,438,000 after buying an additional 19,083 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in AutoZone by 368.0% during the first quarter. Royal Bank of Canada now owns 411,450 shares of the company’s stock worth $841,242,000 after buying an additional 323,536 shares during the last quarter. 92.90% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Company Profile

(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.

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Analyst Recommendations for AutoZone (NYSE:AZO)

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