AutoZone (NYSE:AZO) Posts Earnings Results, Beats Expectations By $1.95 EPS

AutoZone (NYSE:AZO) posted its earnings results on Tuesday. The company reported $46.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $44.51 by $1.95, MarketWatch Earnings reports. The firm had revenue of $5.69 billion during the quarter, compared to analysts’ expectations of $5.62 billion. AutoZone had a net margin of 14.45% and a negative return on equity of 62.38%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business posted $40.51 EPS.

AutoZone Trading Down 1.9 %

NYSE AZO opened at $2,475.12 on Wednesday. The stock has a fifty day simple moving average of $2,503.80 and a 200-day simple moving average of $2,510.23. The stock has a market cap of $44.94 billion, a PE ratio of 19.53, a P/E/G ratio of 1.41 and a beta of 0.66. AutoZone has a twelve month low of $2,050.21 and a twelve month high of $2,750.00.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AZO shares. 92 Resources restated a “reiterates” rating on shares of AutoZone in a research note on Tuesday, June 27th. 3M reaffirmed an “upgrade” rating on shares of AutoZone in a research note on Thursday, June 1st. Truist Financial increased their price objective on AutoZone from $2,886.00 to $3,006.00 in a research note on Wednesday. DA Davidson lowered their target price on shares of AutoZone from $2,425.00 to $2,340.00 in a research note on Wednesday, May 24th. Finally, The Goldman Sachs Group reduced their target price on shares of AutoZone from $2,899.00 to $2,840.00 in a research report on Tuesday, May 23rd. Two research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,724.89.

Insider Activity at AutoZone

In other AutoZone news, VP Albert Saltiel sold 2,245 shares of the stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $2,500.00, for a total transaction of $5,612,500.00. Following the completion of the transaction, the vice president now owns 535 shares of the company’s stock, valued at $1,337,500. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Charles Pleas III sold 4,200 shares of the stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $2,546.55, for a total transaction of $10,695,510.00. Following the transaction, the vice president now owns 3,425 shares of the company’s stock, valued at approximately $8,721,933.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Albert Saltiel sold 2,245 shares of AutoZone stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $2,500.00, for a total value of $5,612,500.00. Following the completion of the transaction, the vice president now directly owns 535 shares of the company’s stock, valued at $1,337,500. The disclosure for this sale can be found here. 2.59% of the stock is owned by insiders.

Institutional Investors Weigh In On AutoZone

A number of hedge funds have recently added to or reduced their stakes in the business. First Capital Advisors Group LLC. purchased a new stake in AutoZone during the 2nd quarter worth about $32,000. MUFG Americas Holdings Corp increased its position in shares of AutoZone by 166.7% in the 3rd quarter. MUFG Americas Holdings Corp now owns 16 shares of the company’s stock valued at $34,000 after purchasing an additional 10 shares during the last quarter. HWG Holdings LP acquired a new stake in shares of AutoZone in the 1st quarter valued at $44,000. State of Wyoming grew its stake in shares of AutoZone by 31.3% during the second quarter. State of Wyoming now owns 21 shares of the company’s stock worth $52,000 after purchasing an additional 5 shares in the last quarter. Finally, Quarry LP increased its holdings in AutoZone by 120.0% in the first quarter. Quarry LP now owns 22 shares of the company’s stock valued at $54,000 after buying an additional 12 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Company Profile

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.