AutoZone (NYSE:AZO) Given New $3,850.00 Price Target at Guggenheim

AutoZone (NYSE:AZO) had its price objective upped by research analysts at Guggenheim from $3,750.00 to $3,850.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 9.22% from the stock’s current price.

AZO has been the subject of several other reports. Wells Fargo & Company lifted their price target on shares of AutoZone from $3,450.00 to $3,750.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Citigroup boosted their target price on AutoZone from $3,500.00 to $3,900.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Barclays increased their price target on AutoZone from $3,024.00 to $3,585.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. Truist Financial boosted their price objective on AutoZone from $3,501.00 to $3,753.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. raised their target price on AutoZone from $3,775.00 to $3,830.00 and gave the company an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3,516.42.

AutoZone Price Performance

Shares of AZO traded up $51.38 during mid-day trading on Wednesday, reaching $3,525.04. The company had a trading volume of 9,387 shares, compared to its average volume of 107,661. The company has a market capitalization of $59.16 billion, a P/E ratio of 23.55, a P/E/G ratio of 1.86 and a beta of 0.70. AutoZone has a twelve month low of $2,728.97 and a twelve month high of $3,563.57. The company’s 50-day moving average is $3,345.35 and its 200-day moving average is $3,221.36.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, March 4th. The company reported $28.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $29.11 by ($0.82). The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.98 billion. AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. As a group, equities analysts expect that AutoZone will post 152.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Proficio Capital Partners LLC raised its stake in shares of AutoZone by 482,040.2% during the fourth quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company’s stock worth $1,343,117,000 after acquiring an additional 419,375 shares in the last quarter. Norges Bank bought a new stake in shares of AutoZone in the 4th quarter worth approximately $834,556,000. Strategic Financial Concepts LLC purchased a new stake in AutoZone during the 4th quarter valued at about $471,629,000. Wealthfront Advisers LLC increased its holdings in shares of AutoZone by 6,083.9% in the 4th quarter. Wealthfront Advisers LLC now owns 90,656 shares of the company’s stock worth $290,281,000 after purchasing an additional 89,190 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of AutoZone by 82.6% during the 4th quarter. Barclays PLC now owns 170,216 shares of the company’s stock valued at $545,033,000 after acquiring an additional 77,015 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

About AutoZone

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.