Evercore ISI Increases AutoZone (NYSE:AZO) Price Target to $3,350.00

AutoZone (NYSE:AZO) had its price target lifted by analysts at Evercore ISI from $3,300.00 to $3,350.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price target suggests a potential upside of 10.58% from the stock’s current price.

A number of other equities analysts also recently weighed in on AZO. Citigroup dropped their target price on shares of AutoZone from $3,787.00 to $3,500.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. StockNews.com cut shares of AutoZone from a “buy” rating to a “hold” rating in a research report on Saturday, September 21st. BNP Paribas upgraded AutoZone to a “strong-buy” rating in a research report on Wednesday, September 25th. Mizuho boosted their target price on AutoZone from $3,280.00 to $3,350.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. Finally, Truist Financial cut their price target on AutoZone from $3,394.00 to $3,341.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $3,169.38.

AutoZone Price Performance

Shares of AZO opened at $3,029.39 on Thursday. The company has a market capitalization of $51.75 billion, a P/E ratio of 20.95, a PEG ratio of 1.43 and a beta of 0.71. AutoZone has a one year low of $2,375.35 and a one year high of $3,256.37. The business’s 50 day simple moving average is $3,132.67 and its 200-day simple moving average is $3,012.32.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The business had revenue of $6.21 billion during the quarter, compared to analyst estimates of $6.25 billion. During the same period in the prior year, the firm posted $46.46 EPS. AutoZone’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, sell-side analysts anticipate that AutoZone will post 151.08 EPS for the current fiscal year.

Insider Transactions at AutoZone

In related news, VP John Scott Murphy sold 1,580 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the sale, the vice president now owns 1,218 shares in the company, valued at $3,785,166.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Several large investors have recently modified their holdings of AZO. PineStone Asset Management Inc. increased its holdings in shares of AutoZone by 137.6% in the second quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock worth $918,998,000 after acquiring an additional 179,543 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of AutoZone in the second quarter worth about $424,000. Captrust Financial Advisors increased its holdings in shares of AutoZone by 564.2% in the first quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock worth $479,338,000 after acquiring an additional 129,193 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of AutoZone by 2,714.8% in the second quarter. Baillie Gifford & Co. now owns 120,194 shares of the company’s stock worth $356,267,000 after acquiring an additional 115,924 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of AutoZone by 106.7% in the first quarter. Bessemer Group Inc. now owns 117,891 shares of the company’s stock worth $371,552,000 after acquiring an additional 60,852 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

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.