AutoZone (NYSE:AZO) Reaches New 52-Week High – Here’s Why

Shares of AutoZone, Inc. (NYSE:AZO) hit a new 52-week high on Thursday . The stock traded as high as $3,916.81 and last traded at $3,846.09, with a volume of 16174 shares. The stock had previously closed at $3,809.26.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AZO. The Goldman Sachs Group raised shares of AutoZone from a “sell” rating to a “neutral” rating and raised their target price for the stock from $3,044.00 to $3,811.00 in a research report on Tuesday. Citigroup lifted their price target on shares of AutoZone from $3,500.00 to $3,900.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Roth Mkm upped their price objective on AutoZone from $3,634.00 to $3,763.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. BMO Capital Markets lifted their target price on AutoZone from $3,700.00 to $3,850.00 and gave the company an “outperform” rating in a report on Wednesday, March 5th. Finally, TD Cowen boosted their price target on AutoZone from $3,450.00 to $3,800.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and an average price target of $3,724.00.

AutoZone Trading Up 0.8 %

The business’s 50-day simple moving average is $3,515.75 and its two-hundred day simple moving average is $3,294.29. The company has a market capitalization of $64.44 billion, a PE ratio of 25.66, a PEG ratio of 1.86 and a beta of 0.71.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, March 4th. The company reported $28.29 EPS for the quarter, missing analysts’ consensus estimates of $29.11 by ($0.82). AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.98 billion. On average, analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

Insider Activity

In other news, SVP Bailey L. Childress sold 160 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total value of $568,000.00. Following the sale, the senior vice president now owns 50 shares in the company, valued at approximately $177,500. This represents a 76.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Philip B. Daniele sold 2,000 shares of the business’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $3,800.01, for a total value of $7,600,020.00. Following the completion of the sale, the chief executive officer now directly owns 163 shares of the company’s stock, valued at approximately $619,401.63. This represents a 92.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 6,721 shares of company stock worth $24,609,331. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AutoZone

Hedge funds have recently added to or reduced their stakes in the business. Proficio Capital Partners LLC raised its stake in AutoZone by 482,040.2% during the fourth quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company’s stock worth $1,343,117,000 after acquiring an additional 419,375 shares during the period. Norges Bank acquired a new stake in shares of AutoZone in the 4th quarter worth about $834,556,000. Strategic Financial Concepts LLC bought a new stake in AutoZone in the 4th quarter valued at about $471,629,000. Wealthfront Advisers LLC boosted its stake in AutoZone by 6,083.9% during the 4th quarter. Wealthfront Advisers LLC now owns 90,656 shares of the company’s stock valued at $290,281,000 after purchasing an additional 89,190 shares during the period. Finally, Barclays PLC grew its position in AutoZone by 82.6% in the 4th quarter. Barclays PLC now owns 170,216 shares of the company’s stock worth $545,033,000 after purchasing an additional 77,015 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.