Morgan Stanley Raises AutoZone (NYSE:AZO) Price Target to $3,125.00

AutoZone (NYSE:AZO) had its target price lifted by Morgan Stanley from $3,038.00 to $3,125.00 in a research note published on Wednesday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on AZO. Guggenheim boosted their target price on shares of AutoZone from $3,150.00 to $3,225.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Oppenheimer reissued a market perform rating and set a $2,600.00 price objective on shares of AutoZone in a research note on Wednesday, June 26th. Wedbush reaffirmed an outperform rating and issued a $3,200.00 price objective on shares of AutoZone in a research note on Thursday, September 19th. StockNews.com downgraded AutoZone from a buy rating to a hold rating in a research report on Saturday, September 21st. Finally, Evercore ISI decreased their price target on AutoZone from $3,900.00 to $3,350.00 and set an outperform rating on the stock in a report on Friday, September 20th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $3,169.38.

AutoZone Trading Up 0.2 %

Shares of AutoZone stock opened at $3,196.61 on Wednesday. The firm has a market cap of $54.61 billion, a PE ratio of 22.11, a PEG ratio of 1.43 and a beta of 0.71. The stock has a 50 day moving average of $3,121.63 and a 200 day moving average of $3,012.27. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The firm had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter in the prior year, the company posted $46.46 earnings per share. The firm’s revenue was up 9.0% compared to the same quarter last year. As a group, equities research analysts forecast that AutoZone will post 151.08 earnings per share for the current fiscal year.

Insider Activity at AutoZone

In other news, VP John Scott Murphy sold 1,580 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the transaction, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On AutoZone

Several hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its stake in shares of AutoZone by 35.3% during the 1st quarter. SG Americas Securities LLC now owns 3,534 shares of the company’s stock worth $11,138,000 after purchasing an additional 922 shares during the last quarter. Sei Investments Co. lifted its position in shares of AutoZone by 60.7% during the first quarter. Sei Investments Co. now owns 22,315 shares of the company’s stock valued at $70,326,000 after buying an additional 8,427 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of AutoZone by 12.9% during the first quarter. Oppenheimer & Co. Inc. now owns 3,509 shares of the company’s stock valued at $11,059,000 after buying an additional 401 shares during the last quarter. Parnassus Investments LLC boosted its holdings in shares of AutoZone by 32.0% in the 4th quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock valued at $629,780,000 after buying an additional 58,989 shares in the last quarter. Finally, Peak Financial Advisors LLC purchased a new position in shares of AutoZone in the 2nd quarter worth approximately $2,816,000. 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.