Oppenheimer Reiterates “Market Perform” Rating for AutoZone (NYSE:AZO)

AutoZone (NYSE:AZO)‘s stock had its “market perform” rating reaffirmed by stock analysts at Oppenheimer in a research report issued on Wednesday, Benzinga reports. They currently have a $2,600.00 price target on the stock. Oppenheimer’s price target indicates a potential downside of 12.01% from the company’s current price.

Several other research analysts also recently issued reports on AZO. Evercore ISI raised their price objective on shares of AutoZone from $3,250.00 to $3,278.00 and gave the stock an “outperform” rating in a research report on Thursday, June 20th. Morgan Stanley lowered their price objective on shares of AutoZone from $3,100.00 to $3,038.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 22nd. Wedbush lowered their price objective on shares of AutoZone from $3,400.00 to $3,200.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 22nd. Citigroup lowered their target price on shares of AutoZone from $3,420.00 to $3,250.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Finally, UBS Group lowered their target price on shares of AutoZone from $3,465.00 to $3,340.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $3,112.88.

AutoZone Price Performance

NYSE AZO opened at $2,954.76 on Wednesday. The firm’s fifty day moving average price is $2,895.17 and its 200 day moving average price is $2,860.20. The company has a market capitalization of $50.48 billion, a price-to-earnings ratio of 20.44, a price-to-earnings-growth ratio of 1.47 and a beta of 0.71. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $35.67 by $1.02. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period last year, the firm posted $34.12 EPS. AutoZone’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that AutoZone will post 151.57 earnings per share for the current year.

Insider Activity at AutoZone

In other AutoZone news, VP Jenna M. Bedsole bought 36 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was bought at an average price of $2,757.10 per share, for a total transaction of $99,255.60. Following the completion of the transaction, the vice president now owns 36 shares in the company, valued at approximately $99,255.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On AutoZone

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hohimer Wealth Management LLC raised its position in AutoZone by 1.1% during the third quarter. Hohimer Wealth Management LLC now owns 361 shares of the company’s stock worth $917,000 after acquiring an additional 4 shares during the last quarter. Summit Trail Advisors LLC grew its holdings in shares of AutoZone by 3.8% during the fourth quarter. Summit Trail Advisors LLC now owns 110 shares of the company’s stock worth $283,000 after buying an additional 4 shares in the last quarter. Guardian Capital LP grew its holdings in shares of AutoZone by 1.3% during the fourth quarter. Guardian Capital LP now owns 301 shares of the company’s stock worth $778,000 after buying an additional 4 shares in the last quarter. Quent Capital LLC grew its holdings in shares of AutoZone by 4.8% during the first quarter. Quent Capital LLC now owns 88 shares of the company’s stock worth $277,000 after buying an additional 4 shares in the last quarter. Finally, TriaGen Wealth Management LLC grew its holdings in shares of AutoZone by 3.9% during the fourth quarter. TriaGen Wealth Management LLC now owns 133 shares of the company’s stock worth $344,000 after buying an additional 5 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

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.