AutoZone (NYSE:AZO) Price Target Raised to $3,700.00 at Bank of America

AutoZone (NYSE:AZO) had its target price upped by equities researchers at Bank of America from $3,600.00 to $3,700.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price objective points to a potential upside of 4.48% from the company’s current price.

A number of other research firms also recently commented on AZO. TD Cowen upped their price objective on shares of AutoZone from $3,450.00 to $3,800.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Barclays increased their price objective on shares of AutoZone from $3,024.00 to $3,585.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. Truist Financial upped their price target on shares of AutoZone from $3,753.00 to $3,841.00 and gave the stock a “buy” rating in a research report on Wednesday. Wedbush reissued an “outperform” rating and issued a $3,700.00 price objective on shares of AutoZone in a research report on Wednesday. Finally, Mizuho upped their target price on AutoZone from $3,600.00 to $3,740.00 and gave the stock an “outperform” 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 issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3,616.86.

AutoZone Stock Performance

AZO traded up $67.85 on Wednesday, hitting $3,541.51. 59,598 shares of the company were exchanged, compared to its average volume of 108,939. The business’s fifty day moving average is $3,345.35 and its 200 day moving average is $3,221.36. AutoZone has a fifty-two week low of $2,728.97 and a fifty-two week high of $3,563.57. The firm has a market capitalization of $59.43 billion, a P/E ratio of 23.66, a price-to-earnings-growth ratio of 1.86 and a beta of 0.70.

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

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AZO. Proficio Capital Partners LLC raised its stake in shares of AutoZone by 482,040.2% in the 4th quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company’s stock worth $1,343,117,000 after buying an additional 419,375 shares in the last quarter. Norges Bank bought a new position in shares of AutoZone during the 4th quarter valued at about $834,556,000. Strategic Financial Concepts LLC acquired a new position in shares of AutoZone in the 4th quarter worth approximately $471,629,000. Wealthfront Advisers LLC raised its holdings in shares of AutoZone by 6,083.9% in the 4th quarter. Wealthfront Advisers LLC now owns 90,656 shares of the company’s stock worth $290,281,000 after purchasing an additional 89,190 shares in the last quarter. Finally, Barclays PLC lifted its stake in AutoZone by 82.6% during the fourth quarter. Barclays PLC now owns 170,216 shares of the company’s stock valued at $545,033,000 after purchasing an additional 77,015 shares during the last quarter. 92.74% of the stock is owned by institutional investors.

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.