AutoZone (NYSE:AZO) Given New $3,500.00 Price Target at UBS Group

AutoZone (NYSE:AZO) had its price objective lifted by UBS Group from $3,340.00 to $3,500.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently weighed in on AZO. Evercore ISI dropped their target price on shares of AutoZone from $3,900.00 to $3,350.00 and set an outperform rating on the stock in a research report on Friday, September 20th. Truist Financial dropped their price objective 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. StockNews.com lowered AutoZone from a buy rating to a hold rating in a research note on Saturday, September 21st. Morgan Stanley boosted their price target on AutoZone from $3,038.00 to $3,125.00 and gave the company an overweight rating in a research note on Wednesday. Finally, Wedbush reissued an outperform rating and issued a $3,200.00 price objective on shares of AutoZone in a report on Thursday, September 19th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $3,169.38.

AutoZone Price Performance

AutoZone stock opened at $3,196.61 on Wednesday. The business has a fifty day moving average price of $3,121.63 and a 200-day moving average price of $3,012.27. AutoZone has a 1-year low of $2,375.35 and a 1-year high of $3,256.37. The stock has a market capitalization of $54.61 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 1.43 and a beta of 0.71.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share for the quarter, missing the consensus estimate 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 business posted $46.46 EPS. AutoZone’s revenue was up 9.0% compared to the same quarter last year. On average, equities research analysts anticipate that AutoZone will post 151.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP John Scott Murphy sold 1,580 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the sale, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On AutoZone

Several institutional investors and hedge funds have recently modified their holdings of the business. PineStone Asset Management Inc. grew its holdings in AutoZone by 137.6% in 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 period. Strategic Financial Concepts LLC acquired a new stake in AutoZone in the 2nd quarter valued at $424,000. Captrust Financial Advisors increased its holdings in 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 acquiring an additional 129,193 shares in the last quarter. Baillie Gifford & Co. raised its position in AutoZone by 2,714.8% during 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 during the period. Finally, Bessemer Group Inc. lifted its holdings in AutoZone by 106.7% during the first quarter. Bessemer Group Inc. now owns 117,891 shares of the company’s stock valued at $371,552,000 after purchasing an additional 60,852 shares in 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.