Credit Suisse Group Increases AutoZone (NYSE:AZO) Price Target to $1,785.00

AutoZone (NYSE:AZO) had its price objective increased by Credit Suisse Group from $1,660.00 to $1,785.00 in a report released on Wednesday, The Fly reports. They currently have an outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. Stephens boosted their price target on AutoZone from $1,700.00 to $1,850.00 and gave the stock an overweight rating in a research note on Wednesday. Citigroup boosted their price target on AutoZone from $1,870.00 to $1,950.00 and gave the stock a buy rating in a research note on Wednesday. Wells Fargo & Company boosted their price target on AutoZone from $1,700.00 to $1,750.00 and gave the stock an overweight rating in a research note on Monday, September 13th. DA Davidson cut AutoZone from a buy rating to a neutral rating and set a $1,600.00 price target for the company. in a research note on Monday, September 13th. Finally, Royal Bank of Canada reduced their price objective on AutoZone from $1,596.00 to $1,565.00 and set a sector perform rating for the company in a research report on Wednesday, May 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, AutoZone has a consensus rating of Buy and a consensus price target of $1,651.89.

Shares of NYSE:AZO opened at $1,694.83 on Wednesday. The stock has a fifty day simple moving average of $1,603.83 and a two-hundred day simple moving average of $1,499.73. The stock has a market capitalization of $36.52 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 1.46 and a beta of 0.94. AutoZone has a 12-month low of $1,085.85 and a 12-month high of $1,704.02.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Monday, September 20th. The company reported $35.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $30.20 by $5.52. AutoZone had a negative return on equity of 163.72% and a net margin of 14.90%. The firm had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter in the previous year, the business earned $30.93 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. Sell-side analysts predict that AutoZone will post 89.51 EPS for the current fiscal year.

In related news, CEO William C. Rhodes III sold 14,535 shares of the stock in a transaction that occurred on Thursday, July 1st. The stock was sold at an average price of $1,511.74, for a total transaction of $21,973,140.90. Following the completion of the transaction, the chief executive officer now directly owns 33,491 shares of the company’s stock, valued at $50,629,684.34. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Mark A. Finestone sold 7,900 shares of the stock in a transaction that occurred on Friday, July 9th. The shares were sold at an average price of $1,556.75, for a total value of $12,298,325.00. Following the transaction, the vice president now directly owns 12,112 shares of the company’s stock, valued at $18,855,356. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,444 shares of company stock valued at $71,603,903. Corporate insiders own 2.80% of the company’s stock.

A number of institutional investors have recently made changes to their positions in AZO. JPMorgan Chase & Co. boosted its stake in AutoZone by 26.7% during the first quarter. JPMorgan Chase & Co. now owns 1,134,026 shares of the company’s stock valued at $1,592,512,000 after buying an additional 239,250 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in AutoZone by 88.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 228,278 shares of the company’s stock valued at $320,571,000 after purchasing an additional 107,164 shares during the period. Factorial Partners LLC raised its position in AutoZone by 140,330.0% during the first quarter. Factorial Partners LLC now owns 98,301 shares of the company’s stock valued at $70,000 after purchasing an additional 98,231 shares during the period. Morgan Stanley raised its position in AutoZone by 26.4% during the second quarter. Morgan Stanley now owns 291,351 shares of the company’s stock valued at $434,761,000 after purchasing an additional 60,824 shares during the period. Finally, Macquarie Group Ltd. raised its position in AutoZone by 195.0% during the second quarter. Macquarie Group Ltd. now owns 88,961 shares of the company’s stock valued at $132,749,000 after purchasing an additional 58,809 shares during the period. 87.65% of the stock is owned by institutional investors.

AutoZone Company Profile

AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.

Read More: Hold Rating

The Fly logo

Analyst Recommendations for AutoZone (NYSE:AZO)

Receive News & Ratings for AutoZone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AutoZone and related companies with MarketBeat.com's FREE daily email newsletter.