Wells Fargo & Company Raises AutoZone (NYSE:AZO) Price Target to $3,850.00

AutoZone (NYSE:AZO) had its price target boosted by equities researchers at Wells Fargo & Company from $3,750.00 to $3,850.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 7.86% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Wedbush reiterated an “outperform” rating and issued a $3,700.00 price objective on shares of AutoZone in a research note on Wednesday. Truist Financial upped their price target on shares of AutoZone from $3,753.00 to $3,841.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays raised their price objective on shares of AutoZone from $3,024.00 to $3,585.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. BMO Capital Markets increased their target price on shares of AutoZone from $3,700.00 to $3,850.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, TD Cowen upped their price objective on AutoZone from $3,450.00 to $3,800.00 and gave the company a “buy” rating in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3,646.62.

AutoZone Trading Up 2.8 %

NYSE:AZO traded up $95.83 during mid-day trading on Wednesday, hitting $3,569.49. The stock had a trading volume of 167,115 shares, compared to its average volume of 111,629. AutoZone has a twelve month low of $2,728.97 and a twelve month high of $3,570.50. The stock has a 50-day simple moving average of $3,345.35 and a two-hundred day simple moving average of $3,221.36. The company has a market capitalization of $59.90 billion, a PE ratio of 23.85, a PEG ratio of 1.86 and a beta of 0.71.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, March 4th. The company reported $28.29 earnings per share for the quarter, missing the consensus estimate of $29.11 by ($0.82). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.98 billion. Sell-side analysts predict that AutoZone will post 152.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Siemens Fonds Invest GmbH increased its position in AutoZone by 630.1% during the fourth quarter. Siemens Fonds Invest GmbH now owns 1,577 shares of the company’s stock worth $5,050,000 after buying an additional 1,361 shares in the last quarter. Menard Financial Group LLC acquired a new position in AutoZone in the 4th quarter valued at about $157,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in AutoZone in the 4th quarter valued at about $95,480,000. B. Riley Wealth Advisors Inc. grew its position in shares of AutoZone by 1.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 1,219 shares of the company’s stock valued at $3,903,000 after purchasing an additional 13 shares during the period. Finally, Cypress Asset Management Inc. TX acquired a new stake in AutoZone in the 4th quarter worth about $208,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

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.