AutoZone (NYSE:AZO) Given New $3,678.00 Price Target at Argus

AutoZone (NYSE:AZO) had its target price increased by research analysts at Argus from $3,560.00 to $3,678.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Argus’ price objective would suggest a potential upside of 14.29% from the company’s current price.

AZO has been the topic of a number of other research reports. Morgan Stanley upped their price target on shares of AutoZone from $3,038.00 to $3,125.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Roth Capital upgraded shares of AutoZone to a “strong-buy” rating in a report on Tuesday, October 15th. BNP Paribas upgraded shares of AutoZone to a “strong-buy” rating in a report on Wednesday, September 25th. Roth Mkm reiterated a “buy” rating and set a $3,634.00 target price on shares of AutoZone in a research note on Wednesday, October 16th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $3,025.00 price target on shares of AutoZone in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $3,400.32.

AutoZone Price Performance

NYSE AZO traded up $16.08 during trading hours on Thursday, reaching $3,218.08. 8,922 shares of the company’s stock traded hands, compared to its average volume of 139,031. The firm has a market cap of $54.01 billion, a PE ratio of 21.50, a PEG ratio of 1.73 and a beta of 0.71. AutoZone has a 52-week low of $2,510.00 and a 52-week high of $3,416.71. The firm has a 50-day simple moving average of $3,183.23 and a 200 day simple moving average of $3,109.01.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share for the quarter, missing the consensus estimate of $33.69 by ($1.17). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the previous year, the company earned $32.55 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts forecast that AutoZone will post 154.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman William C. Rhodes III sold 13,000 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total transaction of $40,392,950.00. Following the transaction, the chairman now owns 13,857 shares of the company’s stock, valued at approximately $43,055,777.55. This represents a 48.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AutoZone

A number of large investors have recently bought and sold shares of AZO. Capital Performance Advisors LLP bought a new position in shares of AutoZone during the 3rd quarter worth approximately $36,000. Meeder Asset Management Inc. boosted its stake in shares of AutoZone by 50.0% in the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock worth $44,000 after buying an additional 5 shares during the last quarter. Carolina Wealth Advisors LLC purchased a new position in AutoZone during the third quarter valued at approximately $47,000. Darwin Wealth Management LLC acquired a new position in AutoZone in the third quarter valued at approximately $47,000. Finally, McIlrath & Eck LLC grew its stake in shares of AutoZone by 25.0% during the 3rd quarter. McIlrath & Eck LLC now owns 20 shares of the company’s stock worth $63,000 after purchasing an additional 4 shares during the period. Institutional investors own 92.74% of the company’s stock.

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.