Brokerages expect AutoZone, Inc. (NYSE:AZO) to post sales of $2.77 billion for the current quarter, Zacks reports. Eight analysts have made estimates for AutoZone’s earnings, with the highest sales estimate coming in at $2.80 billion and the lowest estimate coming in at $2.75 billion. AutoZone reported sales of $2.66 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 4.1%. The business is expected to announce its next quarterly earnings results before the market opens on Tuesday, May 21st.
According to Zacks, analysts expect that AutoZone will report full year sales of $11.80 billion for the current financial year, with estimates ranging from $11.75 billion to $11.87 billion. For the next year, analysts anticipate that the firm will post sales of $12.06 billion, with estimates ranging from $11.96 billion to $12.12 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow AutoZone.
AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, February 26th. The company reported $11.49 EPS for the quarter, topping the Zacks’ consensus estimate of $9.97 by $1.52. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.45 billion. AutoZone had a net margin of 12.49% and a negative return on equity of 98.24%. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.47 EPS.
Several brokerages have weighed in on AZO. Wells Fargo & Co reissued an “outperform” rating and set a $1,050.00 price target (up previously from $940.00) on shares of AutoZone in a research report on Tuesday, February 26th. Zacks Investment Research cut shares of AutoZone from a “buy” rating to a “hold” rating in a research report on Wednesday, February 13th. JPMorgan Chase & Co. raised their target price on shares of AutoZone from $995.00 to $1,126.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Morgan Stanley raised their target price on shares of AutoZone from $900.00 to $980.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 27th. Finally, Evercore ISI began coverage on shares of AutoZone in a research report on Wednesday, March 20th. They issued an “in-line” rating and a $1,030.00 target price for the company. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $994.50.
Shares of NYSE:AZO traded up $4.67 during trading on Monday, reaching $983.03. The company had a trading volume of 13,574 shares, compared to its average volume of 303,010. The firm has a market capitalization of $24.45 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 1.32 and a beta of 0.67. AutoZone has a 12 month low of $597.00 and a 12 month high of $1,074.67.
In related news, VP Albert Saltiel sold 2,150 shares of the stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $912.11, for a total value of $1,961,036.50. Following the completion of the transaction, the vice president now directly owns 2,308 shares in the company, valued at approximately $2,105,149.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Earl G. Graves, Jr. sold 250 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $1,038.68, for a total transaction of $259,670.00. Following the completion of the transaction, the director now owns 4,357 shares of the company’s stock, valued at $4,525,528.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,640 shares of company stock valued at $10,370,907. 2.80% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in shares of AutoZone by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,034,551 shares of the company’s stock worth $1,578,202,000 after acquiring an additional 84,961 shares in the last quarter. BlackRock Inc. increased its stake in shares of AutoZone by 1.7% in the 1st quarter. BlackRock Inc. now owns 1,916,950 shares of the company’s stock worth $1,963,187,000 after acquiring an additional 32,263 shares in the last quarter. FMR LLC increased its stake in AutoZone by 2.7% during the 1st quarter. FMR LLC now owns 1,441,475 shares of the company’s stock valued at $1,476,243,000 after purchasing an additional 38,062 shares in the last quarter. Geode Capital Management LLC increased its stake in AutoZone by 30.4% during the 1st quarter. Geode Capital Management LLC now owns 461,370 shares of the company’s stock valued at $472,187,000 after purchasing an additional 107,490 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in AutoZone by 27.8% during the 1st quarter. Janus Henderson Group PLC now owns 333,246 shares of the company’s stock valued at $341,286,000 after purchasing an additional 72,455 shares in the last quarter. Institutional investors own 95.81% of the company’s stock.
AutoZone Company Profile
AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
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