Sanford C. Bernstein upgraded shares of AutoZone (NYSE:AZO – Free Report) to a strong-buy rating in a research note issued to investors on Tuesday,Zacks reports.
AZO has been the topic of a number of other research reports. Roth Capital decreased their target price on shares of AutoZone from $4,023.00 to $3,850.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. Guggenheim dropped their price target on shares of AutoZone from $4,000.00 to $3,750.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. UBS Group set a $3,850.00 price target on shares of AutoZone in a research note on Wednesday, September 23rd. Evercore restated an “outperform” rating on shares of AutoZone in a report on Wednesday, September 23rd. Finally, DA Davidson lowered their price objective on shares of AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $3,710.36.
AutoZone Stock Down 1.6%
AutoZone (NYSE:AZO – Get Free Report) last released its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $55.51. The business had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.The company’s revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $48.71 EPS. As a group, equities analysts expect that AutoZone will post 173.47 earnings per share for the current year.
AutoZone declared that its board has initiated a stock buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling
In related news, VP Dennis LeRiche sold 1,455 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.60% of the stock is owned by company insiders.
Institutional Trading of AutoZone
Several hedge funds have recently made changes to their positions in AZO. BlackRock Inc. purchased a new position in shares of AutoZone in the 2nd quarter valued at about $3,938,566,000. Envestnet Portfolio Solutions Inc. grew its position in shares of AutoZone by 247,417.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock worth $798,963,000 after buying an additional 249,892 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of AutoZone during the second quarter worth approximately $572,885,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of AutoZone by 11,577.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company’s stock worth $450,838,000 after buying an additional 139,858 shares during the period. Finally, Corient Private Wealth LP acquired a new stake in AutoZone in the second quarter valued at approximately $38,604,000. Institutional investors and hedge funds own 92.74% of the company’s stock.
About AutoZone
AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.
In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.
Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.
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