AutoZone (NYSE:AZO) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of AutoZone (NYSE:AZO) from a hold rating to a buy rating in a research note published on Friday morning.

Other analysts have also issued research reports about the company. Barclays dropped their price objective on AutoZone from $3,100.00 to $3,024.00 and set an overweight rating for the company in a research note on Thursday, May 23rd. Evercore ISI dropped their price target on shares of AutoZone from $3,278.00 to $3,275.00 and set an outperform rating for the company in a research report on Tuesday, July 2nd. Oppenheimer restated a market perform rating and issued a $2,600.00 price objective on shares of AutoZone in a research report on Wednesday, June 26th. Truist Financial cut their target price on AutoZone from $3,523.00 to $3,394.00 and set a buy rating on the stock in a research note on Wednesday, May 22nd. Finally, Morgan Stanley reduced their price target on AutoZone from $3,100.00 to $3,038.00 and set an overweight rating on the stock in a report on Wednesday, May 22nd. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AutoZone has an average rating of Moderate Buy and an average price target of $3,112.71.

AutoZone Trading Down 0.7 %

NYSE AZO opened at $3,101.04 on Friday. The firm has a market cap of $52.98 billion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 1.45 and a beta of 0.71. AutoZone has a 1-year low of $2,375.35 and a 1-year high of $3,256.37. The stock has a 50-day moving average of $3,091.28 and a 200-day moving average of $3,010.86.

Hedge Funds Weigh In On AutoZone

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in AutoZone during the 4th quarter valued at about $678,350,000. PineStone Asset Management Inc. lifted its holdings in shares of AutoZone by 137.6% during the second quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock valued at $918,998,000 after purchasing an additional 179,543 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of AutoZone in the 2nd quarter worth approximately $424,000. Captrust Financial Advisors boosted its position in shares of AutoZone by 564.2% in the 1st quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock worth $479,338,000 after purchasing an additional 129,193 shares in the last quarter. Finally, Baillie Gifford & Co. grew its stake in shares of AutoZone by 2,714.8% in the 2nd quarter. Baillie Gifford & Co. now owns 120,194 shares of the company’s stock worth $356,267,000 after buying an additional 115,924 shares during the last quarter. Hedge funds and other institutional investors 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.