Q1 2023 Earnings Estimate for AutoZone, Inc. Issued By Wedbush (NYSE:AZO)

AutoZone, Inc. (NYSE:AZOGet Rating) – Equities research analysts at Wedbush cut their Q1 2023 earnings per share (EPS) estimates for AutoZone in a report released on Tuesday, September 20th. Wedbush analyst S. Basham now forecasts that the company will post earnings of $24.44 per share for the quarter, down from their prior forecast of $28.34. Wedbush has a “Outperform” rating and a $2,350.00 price objective on the stock. The consensus estimate for AutoZone’s current full-year earnings is $122.78 per share. Wedbush also issued estimates for AutoZone’s Q2 2023 earnings at $20.96 EPS, Q3 2023 earnings at $33.38 EPS and Q4 2023 earnings at $48.74 EPS.

Several other analysts have also recently weighed in on AZO. JPMorgan Chase & Co. lifted their price target on AutoZone from $2,550.00 to $2,660.00 and gave the stock an “overweight” rating in a report on Tuesday. UBS Group boosted their price objective on shares of AutoZone from $2,100.00 to $2,260.00 and gave the company a “neutral” rating in a report on Monday, September 12th. Morgan Stanley raised shares of AutoZone from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $2,125.00 to $2,420.00 in a report on Thursday, June 16th. MKM Partners began coverage on AutoZone in a research report on Thursday, June 23rd. They set a “buy” rating and a $2,350.00 price target on the stock. Finally, Citigroup lifted their price objective on AutoZone from $2,250.00 to $2,520.00 and gave the company a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and fourteen have issued 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 price target of $2,356.53.

AutoZone Stock Performance

Shares of AZO opened at $2,082.64 on Thursday. The firm has a market cap of $40.59 billion, a P/E ratio of 17.72, a price-to-earnings-growth ratio of 1.53 and a beta of 0.78. AutoZone has a 52 week low of $1,634.34 and a 52 week high of $2,362.24. The firm’s 50-day simple moving average is $2,185.96 and its 200 day simple moving average is $2,096.21.

AutoZone (NYSE:AZOGet Rating) last announced its quarterly earnings results on Monday, September 19th. The company reported $40.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $38.38 by $2.13. The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $5.16 billion. AutoZone had a negative return on equity of 79.74% and a net margin of 14.95%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $35.72 EPS.

Insider Buying and Selling at AutoZone

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 value of $875,924.35. Following the transaction, the vice president now directly owns 362 shares of the company’s stock, valued at approximately $802,745.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO William C. Rhodes III sold 2,958 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 15,935 shares in the company, valued at $35,157,868.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the vice president now owns 362 shares of the company’s stock, valued at $802,745.86. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AZO. Royal Bank of Canada grew its position in AutoZone by 368.0% in the 1st 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 during the period. Norges Bank acquired a new stake in shares of AutoZone in the 4th quarter worth about $420,100,000. JPMorgan Chase & Co. lifted its position in AutoZone by 13.9% in the 1st quarter. JPMorgan Chase & Co. now owns 1,188,751 shares of the company’s stock valued at $2,430,495,000 after acquiring an additional 144,984 shares in the last quarter. Aaron Wealth Advisors LLC acquired a new position in AutoZone during the 1st quarter valued at about $39,000. Finally, Marshall Wace LLP increased its holdings in AutoZone by 1,730.2% during the 4th quarter. Marshall Wace LLP now owns 76,099 shares of the company’s stock worth $159,533,000 after purchasing an additional 71,941 shares in the last quarter. Institutional investors own 92.90% of the company’s stock.

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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Earnings History and Estimates for AutoZone (NYSE:AZO)

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