AutoZone (NYSE:AZO) Receives “Buy” Rating from Wells Fargo & Co

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Wells Fargo & Co reaffirmed their buy rating on shares of AutoZone (NYSE:AZO) in a research note published on Tuesday morning, AnalystRatings.com reports. Wells Fargo & Co currently has a $1,300.00 price objective on the stock.

AZO has been the subject of a number of other reports. Credit Suisse Group reiterated a buy rating on shares of AutoZone in a report on Wednesday, May 27th. JPMorgan Chase & Co. boosted their price target on AutoZone from $1,190.00 to $1,265.00 and gave the company an overweight rating in a report on Wednesday, May 27th. Wedbush restated an outperform rating and set a $1,300.00 price objective on shares of AutoZone in a report on Tuesday, June 30th. UBS Group lifted their price objective on AutoZone from $1,100.00 to $1,250.00 and gave the company a buy rating in a research report on Friday, May 22nd. Finally, Royal Bank of Canada reiterated a sector perform rating and set a $1,250.00 target price (up from $1,119.00) on shares of AutoZone in a research report on Wednesday, May 27th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. AutoZone currently has a consensus rating of Buy and an average price target of $1,223.69.

Shares of NYSE:AZO opened at $1,207.42 on Tuesday. The business’s fifty day moving average price is $1,135.63 and its two-hundred day moving average price is $1,057.11. The stock has a market cap of $28.25 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 2.04 and a beta of 0.90. AutoZone has a one year low of $684.91 and a one year high of $1,274.41.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $14.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $13.80 by $0.59. The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.65 billion. AutoZone had a negative return on equity of 91.18% and a net margin of 12.90%. During the same period in the prior year, the business earned $15.99 earnings per share. The business’s revenue was down .1% on a year-over-year basis. As a group, equities analysts anticipate that AutoZone will post 62.98 EPS for the current year.

In other AutoZone news, VP Philip B. Daniele sold 176 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $1,100.21, for a total transaction of $193,636.96. Following the completion of the sale, the vice president now directly owns 247 shares in the company, valued at $271,751.87. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Kristen C. Wright sold 1,890 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $1,140.00, for a total transaction of $2,154,600.00. Following the completion of the sale, the vice president now directly owns 2,137 shares of the company’s stock, valued at approximately $2,436,180. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in AutoZone in the fourth quarter valued at about $313,996,000. Advisor Group Holdings Inc. acquired a new stake in shares of AutoZone in the first quarter valued at about $4,837,000. Assenagon Asset Management S.A. raised its holdings in shares of AutoZone by 1,719.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 91,915 shares of the company’s stock valued at $103,691,000 after buying an additional 86,863 shares during the period. Fiera Capital Corp lifted its position in AutoZone by 8.3% during the 1st quarter. Fiera Capital Corp now owns 655,807 shares of the company’s stock worth $554,809,000 after acquiring an additional 50,079 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in AutoZone by 48.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 151,716 shares of the company’s stock worth $128,352,000 after acquiring an additional 49,453 shares during the period. Hedge funds and other institutional investors own 91.59% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

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Analyst Recommendations for AutoZone (NYSE:AZO)

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