BMO Capital Markets Begins Coverage of AutoZone

BMO Capital Markets has started its coverage of AutoZone (NYSE:AZO – Free Report) as of Friday morning, according to reports from Marketbeat Ratings. In their report, the brokerage assigned an outperform rating and set a target price of $3,700.00 for the stock.

Several other equity analysts have also provided insights into AutoZone recently. On Tuesday, October 15th, Roth Capital upgraded AutoZone to a “strong-buy” rating. Meanwhile, DA Davidson maintained a “neutral” rating while issuing a $3,025.00 price target on the shares as of Monday, September 30th. StockNews.com had previously downgraded the stock from a “buy” to a “hold” rating on Saturday, September 21st. UBS Group adjusted their price target from $3,340.00 to $3,500.00, maintaining a “buy” rating on Wednesday, September 25th. Additionally, on Wednesday, December 11th, Truist Financial raised their price objective from $3,501.00 to $3,753.00 along with a “buy” rating. Currently, one analyst rates the stock as a sell, three as hold, fourteen as buy, and three as strong buy. Data from MarketBeat.com indicates that AutoZone holds a consensus rating of “Moderate Buy” with an average price target of $3,360.47.

AutoZone's Stock Performance

On Friday, shares of AZO opened at $3,370.27. The company has a market capitalization of $56.97 billion, a P/E ratio of 22.52, a P/E/G ratio of 1.73, and a beta of 0.71. Over the past year, AutoZone has seen a low of $2,510.00 and a high of $3,416.71. The fifty-day moving average stands at $3,155.07, while the two-hundred day moving average is at $3,069.24.

AutoZone reported its quarterly earnings on Tuesday, December 10th. The company announced earnings per share (EPS) of $32.52, falling short of analysts’ expectations of $33.69 by $1.17. The total revenue for the quarter was $4.28 billion, slightly lower than the expected $4.30 billion. AutoZone’s return on equity was reported at a negative 53.89%, with a net margin of 14.18%. Comparatively, the revenue increased by 2.1% from the same quarter last year, when the company earned $32.55 EPS. Analysts predict that AutoZone will achieve an EPS of 154.29 for the current year.

Insider Trading at AutoZone

In related developments, Chairman William C. Rhodes III sold 13,000 shares of AutoZone stock on October 10th at an average price of $3,107.15, totaling approximately $40,392,950.00. Post-transaction, he owns about 13,857 shares worth around $43,055,777.55, reflecting a 48.40% decrease in his ownership. Additionally, VP John Scott Murphy sold 1,580 shares on September 25th for an average of $3,107.69, bringing his holding to 1,218 shares valued at around $3,785,166.42, which is a 56.47% decrease. In the past 90 days, insiders have sold 14,880 shares worth approximately $46,225,660, and 2.10% of the company is owned by insiders.

Institutional Investments

Various institutional investors have recently made changes to their holdings in AutoZone. ORG Partners LLC purchased a new position valued at $50,000 during the second quarter. Envestnet Portfolio Solutions Inc. raised its stake by 39.2%, now owning 387 shares valued at $1,147,000 after acquiring 109 additional shares. Blue Trust Inc. increased its holdings significantly by 428.6%, ending up with 37 shares worth $117,000 following their acquisition of 30 shares. Raymond James & Associates improved their position by 4.6%, now holding 40,217 shares valued at $119,207,000 after purchasing an extra 1,777 shares. Lastly, Vaughan Nelson Investment Management L.P. enhanced their shares by 89.0%, now owning 11,000 shares valued at $32,605,000, following a purchase of 5,180 shares. Currently, institutional investors and hedge funds own 92.74% of the stock.

About AutoZone

AutoZone, Inc. sells and distributes automotive replacement parts and accessories within the United States, Mexico, and Brazil. The company provides products for cars, trucks, SUVs, vans, and light trucks, which include new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.

AutoZone, BMO, Stocks