AutoZone (NYSE:AZO) Hits New 12-Month High – Time to Buy?

AutoZone, Inc. (NYSE:AZO) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $3,445.05 and last traded at $3,424.84, with a volume of 104889 shares trading hands. The stock had previously closed at $3,350.21.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AZO. Wells Fargo & Company lifted their price objective on shares of AutoZone from $3,450.00 to $3,750.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Argus boosted their price target on AutoZone from $3,560.00 to $3,678.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Roth Capital upgraded AutoZone to a “strong-buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets started coverage on AutoZone in a research note on Friday, December 13th. They issued an “outperform” rating and a $3,700.00 target price on the stock. Finally, TD Cowen increased their price target on shares of AutoZone from $3,450.00 to $3,800.00 and gave the company a “buy” rating in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3,429.84.

AutoZone Trading Up 0.6 %

The business’s 50-day simple moving average is $3,275.98 and its 200-day simple moving average is $3,174.59. The company has a market capitalization of $58.37 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 1.85 and a beta of 0.70.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, December 10th. The company reported $32.52 earnings per share (EPS) 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 analysts’ expectations of $4.30 billion. During the same period last year, the business earned $32.55 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Sell-side analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Institutional Trading of AutoZone

A number of hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in AutoZone in the 3rd quarter worth approximately $36,000. Carolina Wealth Advisors LLC purchased a new stake in AutoZone during the third quarter worth $47,000. Darwin Wealth Management LLC acquired a new stake in AutoZone during the third quarter valued at $47,000. Crews Bank & Trust purchased a new position in AutoZone in the fourth quarter valued at $61,000. Finally, McIlrath & Eck LLC raised its position in shares of AutoZone by 25.0% in the third quarter. McIlrath & Eck LLC now owns 20 shares of the company’s stock worth $63,000 after acquiring an additional 4 shares during the period. Hedge funds and other institutional investors 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.