Brokers Issue Forecasts for AutoZone, Inc.’s FY2024 Earnings (NYSE:AZO)

AutoZone, Inc. (NYSE:AZO) – William Blair cut their FY2024 EPS estimates for shares of AutoZone in a research report issued on Tuesday, May 21st. William Blair analyst P. Blee now forecasts that the company will post earnings of $152.17 per share for the year, down from their previous estimate of $153.91. The consensus estimate for AutoZone’s current full-year earnings is $152.36 per share. William Blair also issued estimates for AutoZone’s FY2025 earnings at $170.62 EPS.

Several other analysts also recently commented on the stock. Wolfe Research reduced their price target on shares of AutoZone from $3,150.00 to $3,000.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial reduced their price target on shares of AutoZone from $3,523.00 to $3,394.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley reduced their price target on shares of AutoZone from $3,100.00 to $3,038.00 and set an “overweight” rating for the company in a research report on Wednesday. UBS Group reduced their price target on shares of AutoZone from $3,465.00 to $3,340.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Citigroup reduced their price target on shares of AutoZone from $3,420.00 to $3,250.00 and set a “buy” rating for the company in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $3,058.17.

AutoZone Price Performance

AZO stock opened at $2,772.64 on Thursday. The company has a fifty day moving average price of $3,022.78 and a 200 day moving average price of $2,826.79. AutoZone has a 12 month low of $2,277.88 and a 12 month high of $3,256.37. The company has a market cap of $48.02 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 1.45 and a beta of 0.72.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 21st. The company reported $36.69 earnings per share for the quarter, topping the consensus estimate of $35.67 by $1.02. The business had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.29 billion. AutoZone had a net margin of 14.70% and a negative return on equity of 56.06%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $34.12 EPS.

Insider Activity

In other news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $2,997.76, for a total value of $8,993,280.00. Following the completion of the transaction, the vice president now owns 2,921 shares in the company, valued at approximately $8,756,456.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AutoZone news, Chairman William C. Rhodes III sold 6,700 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $3,190.22, for a total transaction of $21,374,474.00. Following the completion of the transaction, the chairman now directly owns 15,357 shares in the company, valued at approximately $48,992,208.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $2,997.76, for a total transaction of $8,993,280.00. Following the transaction, the vice president now owns 2,921 shares of the company’s stock, valued at $8,756,456.96. The disclosure for this sale can be found here. Insiders sold 15,990 shares of company stock worth $50,335,193 in the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AutoZone

Hedge funds have recently added to or reduced their stakes in the business. Rock Creek Group LP purchased a new position in AutoZone during the 3rd quarter valued at about $25,000. Rise Advisors LLC purchased a new stake in shares of AutoZone during the first quarter worth about $32,000. Riverview Trust Co purchased a new stake in shares of AutoZone during the first quarter worth about $41,000. ORG Partners LLC purchased a new stake in shares of AutoZone during the third quarter worth about $43,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of AutoZone during the third quarter worth about $51,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.