AutoZone (NYSE:AZO) Price Target Raised to $3,125.00 at Morgan Stanley

AutoZone (NYSE:AZO) had its price target lifted by Morgan Stanley from $3,038.00 to $3,125.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

AZO has been the topic of a number of other reports. StockNews.com lowered shares of AutoZone from a buy rating to a hold rating in a report on Saturday, September 21st. Evercore ISI cut their price objective on AutoZone from $3,900.00 to $3,350.00 and set an outperform rating on the stock in a report on Friday, September 20th. Oppenheimer reaffirmed a market perform rating and set a $2,600.00 target price on shares of AutoZone in a report on Wednesday, June 26th. Guggenheim upped their target price on AutoZone from $3,150.00 to $3,225.00 and gave the company a buy rating in a research report on Wednesday, June 26th. Finally, Wedbush reissued an outperform rating and set a $3,200.00 price target on shares of AutoZone in a research report on Thursday, September 19th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AutoZone currently has an average rating of Moderate Buy and an average target price of $3,169.38.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,196.61 on Wednesday. AutoZone has a fifty-two week low of $2,375.35 and a fifty-two week high of $3,256.37. The company has a market cap of $54.61 billion, a PE ratio of 22.11, a P/E/G ratio of 1.43 and a beta of 0.71. The business has a 50-day simple moving average of $3,121.63 and a two-hundred day simple moving average of $3,012.27.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing the consensus estimate of $53.31 by ($5.20). The company had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $6.25 billion. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the business earned $46.46 earnings per share. On average, sell-side analysts predict that AutoZone will post 151.08 earnings per share 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 dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the transaction, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Institutional investors have recently added to or reduced their stakes in the stock. Anchor Investment Management LLC lifted its holdings in AutoZone by 5.8% during the second quarter. Anchor Investment Management LLC now owns 1,042 shares of the company’s stock valued at $3,089,000 after purchasing an additional 57 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of AutoZone during the 2nd quarter worth about $2,249,000. 3Chopt Investment Partners LLC purchased a new position in AutoZone in the 2nd quarter valued at about $362,000. Brandes Investment Partners LP boosted its holdings in AutoZone by 18.3% in the 2nd quarter. Brandes Investment Partners LP now owns 17,174 shares of the company’s stock worth $50,897,000 after buying an additional 2,660 shares during the last quarter. Finally, Regal Investment Advisors LLC boosted its holdings in AutoZone by 39.3% in the 2nd quarter. Regal Investment Advisors LLC now owns 248 shares of the company’s stock worth $735,000 after buying an additional 70 shares during the last quarter. Institutional investors and hedge funds 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.