AutoZone (NYSE:AZO) Reaches New 1-Year High on Analyst Upgrade

AutoZone, Inc. (NYSE:AZO - Get Free Report) hit a new 52-week high during trading on Thursday after UBS Group raised their price target on the stock from $3,875.00 to $4,025.00. UBS Group currently has a buy rating on the stock. AutoZone traded as high as $3,570.50 and last traded at $3,569.49, with a volume of 167115 shares traded. The stock had previously closed at $3,473.66.

A number of other brokerages have also issued reports on AZO. JPMorgan Chase & Co. increased their target price on AutoZone from $3,775.00 to $3,830.00 and gave the company an "overweight" rating in a research report on Wednesday. Mizuho increased their target price on AutoZone from $3,600.00 to $3,740.00 and gave the company an "outperform" rating in a research report on Wednesday. DA Davidson increased their target price on AutoZone from $3,350.00 to $3,500.00 and gave the company a "neutral" rating in a research report on Wednesday. BMO Capital Markets increased their target price on AutoZone from $3,700.00 to $3,850.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, Raymond James increased their target price on AutoZone from $3,850.00 to $4,000.00 and gave the company a "strong-buy" rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, AutoZone has an average rating of "Moderate Buy" and an average target price of $3,646.62.

Institutional Trading of AutoZone

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

AutoZone Stock Performance

The business has a 50-day moving average of $3,351.07 and a 200-day moving average of $3,223.79. The stock has a market capitalization of $59.90 billion, a price-to-earnings ratio of 23.85, a P/E/G ratio of 1.86 and a beta of 0.71.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results 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). The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.98 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. Equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

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.

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