AutoZone (NYSE:AZO) Hits New 1-Year High – Here’s Why

AutoZone, Inc. (NYSE:AZO)’s share price reached a new 52-week high on Monday . The stock traded as high as $3,437.63 and last traded at $3,413.26, with a volume of 56907 shares. The stock had previously closed at $3,332.53.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Mizuho upped their target price on shares of AutoZone from $3,350.00 to $3,600.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Roth Mkm reaffirmed a “buy” rating and issued a $3,634.00 price objective on shares of AutoZone in a research report on Wednesday, October 16th. Barclays lifted their target price on AutoZone from $3,024.00 to $3,585.00 and gave the stock an “overweight” rating in a research note on Thursday, January 9th. Citigroup raised their price target on AutoZone from $3,500.00 to $3,900.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Finally, Argus upped their price objective on shares of AutoZone from $3,560.00 to $3,678.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3,429.84.

AutoZone Stock Up 1.4 %

The stock has a market capitalization of $56.72 billion, a price-to-earnings ratio of 22.60, a P/E/G ratio of 1.84 and a beta of 0.71. The business’s 50 day simple moving average is $3,238.73 and its 200-day simple moving average is $3,153.35.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share for the quarter, missing the consensus estimate of $33.69 by ($1.17). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the previous year, the company earned $32.55 earnings per share. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Hedge Funds Weigh In On AutoZone

A number of institutional investors have recently added to or reduced their stakes in AZO. Stratos Wealth Partners LTD. raised its position in AutoZone by 4.0% in the fourth quarter. Stratos Wealth Partners LTD. now owns 129 shares of the company’s stock valued at $413,000 after purchasing an additional 5 shares during the last quarter. Trust Point Inc. raised its holdings in AutoZone by 17.1% in the 4th quarter. Trust Point Inc. now owns 89 shares of the company’s stock valued at $285,000 after buying an additional 13 shares during the last quarter. Boston Trust Walden Corp boosted its position in AutoZone by 1.6% during the 4th quarter. Boston Trust Walden Corp now owns 29,560 shares of the company’s stock worth $94,651,000 after buying an additional 469 shares during the period. Western Pacific Wealth Management LP grew its holdings in AutoZone by 38.0% during the 4th quarter. Western Pacific Wealth Management LP now owns 127 shares of the company’s stock worth $407,000 after acquiring an additional 35 shares during the last quarter. Finally, Greenleaf Trust increased its position in AutoZone by 1.1% in the 4th quarter. Greenleaf Trust now owns 810 shares of the company’s stock valued at $2,594,000 after acquiring an additional 9 shares during the period. 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.