AutoZone (NYSE:AZO) Stock Rating Upgraded by Redburn Atlantic

AutoZone (NYSE:AZO) was upgraded by analysts at Redburn Atlantic to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports.

Several other analysts also recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $3,200.00 price target on shares of AutoZone in a research note on Thursday, September 19th. Guggenheim upped their target price on AutoZone from $3,225.00 to $3,350.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. BNP Paribas raised AutoZone to a “strong-buy” rating in a research report on Wednesday, September 25th. Oppenheimer restated a “market perform” rating and issued a $2,600.00 price objective on shares of AutoZone in a report on Wednesday, June 26th. Finally, Truist Financial dropped their target price on shares of AutoZone from $3,394.00 to $3,341.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $3,169.38.

AutoZone Stock Down 2.7 %

AZO stock opened at $3,087.62 on Tuesday. The firm has a market cap of $52.75 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 1.43 and a beta of 0.71. AutoZone has a twelve month low of $2,375.35 and a twelve month high of $3,256.37. The business’s fifty day simple moving average is $3,133.42 and its two-hundred day simple moving average is $3,012.48.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing the consensus estimate of $53.31 by ($5.20). The company had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $6.25 billion. AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the business earned $46.46 EPS. Research analysts expect that AutoZone will post 151.08 EPS for the current year.

Insiders Place Their Bets

In other news, VP John Scott Murphy sold 1,580 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the sale, the vice president now owns 1,218 shares in the company, valued at approximately $3,785,166.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Hedge funds have recently modified their holdings of the stock. Rafferty Asset Management LLC increased its stake in AutoZone by 3.7% during the 4th quarter. Rafferty Asset Management LLC now owns 1,718 shares of the company’s stock valued at $4,442,000 after purchasing an additional 62 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of AutoZone by 132.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,673 shares of the company’s stock valued at $6,911,000 after acquiring an additional 1,524 shares during the period. 1832 Asset Management L.P. raised its stake in AutoZone by 149.2% in the 4th quarter. 1832 Asset Management L.P. now owns 8,207 shares of the company’s stock worth $21,220,000 after acquiring an additional 4,914 shares during the last quarter. Cibc World Markets Corp raised its stake in AutoZone by 36.3% in the 4th quarter. Cibc World Markets Corp now owns 4,447 shares of the company’s stock worth $11,498,000 after acquiring an additional 1,184 shares during the last quarter. Finally, Stephens Inc. AR lifted its position in AutoZone by 11.8% during the 4th quarter. Stephens Inc. AR now owns 3,397 shares of the company’s stock worth $8,783,000 after acquiring an additional 359 shares during the period. Institutional investors and hedge funds 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.