AutoZone (NYSE:AZO) Hits New 52-Week High – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AZO. Wells Fargo & Company lifted their price objective on AutoZone from $3,450.00 to $3,750.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Citigroup raised their price target on AutoZone from $3,500.00 to $3,900.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Evercore ISI boosted their price objective on shares of AutoZone from $3,400.00 to $3,450.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Truist Financial upped their target price on AutoZone from $3,501.00 to $3,753.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Finally, Roth Mkm reissued a “buy” rating and set a $3,634.00 price target on shares of AutoZone in a report on Wednesday, October 16th. One 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 stock. Based on data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and an average price target of $3,429.84.

AutoZone Stock Down 1.4 %

The firm has a 50-day moving average of $3,247.14 and a 200 day moving average of $3,159.59. The stock has a market capitalization of $55.78 billion, a P/E ratio of 22.21, a PEG ratio of 1.84 and a beta of 0.71.

AutoZone (NYSE:AZO) last issued its quarterly earnings data 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 net margin of 14.18% and a negative return on equity of 53.89%. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the previous year, the firm posted $32.55 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Public Sector Pension Investment Board boosted its holdings in shares of AutoZone by 67.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 643 shares of the company’s stock valued at $1,906,000 after buying an additional 258 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of AutoZone during the second quarter worth approximately $273,000. NewEdge Advisors LLC raised its holdings in AutoZone by 42.7% in the 2nd quarter. NewEdge Advisors LLC now owns 896 shares of the company’s stock valued at $2,657,000 after acquiring an additional 268 shares in the last quarter. Sunbelt Securities Inc. grew its stake in AutoZone by 34.2% during the second quarter. Sunbelt Securities Inc. now owns 106 shares of the company’s stock worth $314,000 after buying an additional 27 shares in the last quarter. Finally, Wallace Advisory Group LLC bought a new position in AutoZone in the second quarter valued at approximately $270,000. 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.