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

AutoZone (NYSE:AZO) had its price target boosted by Guggenheim from $3,225.00 to $3,350.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 4.96% from the company’s current price.

Several other equities research analysts have also issued reports on AZO. Truist Financial lowered their price target on shares of AutoZone from $3,394.00 to $3,341.00 and set a “buy” rating on the stock in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $3,200.00 target price on shares of AutoZone in a report on Thursday, September 19th. Evercore ISI decreased their price target on AutoZone from $3,900.00 to $3,350.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Oppenheimer reaffirmed a “market perform” rating and set a $2,600.00 price target on shares of AutoZone in a research report on Wednesday, June 26th. Finally, StockNews.com downgraded AutoZone from a “buy” rating to a “hold” rating in a report on Saturday, September 21st. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $3,169.38.

AutoZone Stock Performance

NYSE:AZO opened at $3,191.56 on Wednesday. The stock has a 50-day simple moving average of $3,111.58 and a 200 day simple moving average of $3,010.06. AutoZone has a 52-week low of $2,375.35 and a 52-week high of $3,256.37. The company has a market cap of $54.51 billion, a PE ratio of 21.49, 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). The business had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. AutoZone’s revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the business earned $46.46 earnings per share. On average, research analysts predict that AutoZone will post 151.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AutoZone

Several hedge funds have recently bought and sold shares of the stock. PineStone Asset Management Inc. grew its position 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 valued at $918,998,000 after purchasing an additional 179,543 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in AutoZone during the 2nd quarter worth $424,000. Captrust Financial Advisors lifted its holdings in shares of AutoZone by 564.2% during the first quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock worth $479,338,000 after buying an additional 129,193 shares in the last quarter. Baillie Gifford & Co. boosted its position 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 valued at $356,267,000 after acquiring an additional 115,924 shares during the period. Finally, Bessemer Group Inc. grew its stake in shares of AutoZone by 106.7% in the first quarter. Bessemer Group Inc. now owns 117,891 shares of the company’s stock valued at $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 and hedge funds.

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.