Morgan Stanley raises its price target on AutoZone (NYSE:AZO) to $3,125.00

AutoZone (NYSE:AZO – Get a Free Report) their price target was raised by Morgan Stanley from $3,038.00 to $3,125 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 0.99% from the company’s current price.

Several other brokerages have recently issued reports on AZO. StockNews.com downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Saturday. Wedbush reissued an “outperform” rating and set a $3,200.00 price target on shares of AutoZone in a research note on Thursday, September 19th. Guggenheim upped their target price on shares of AutoZone from $3,150.00 to $3,225.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Evercore ISI cut their price objective on AutoZone from $3,900.00 to $3,350.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, Oppenheimer restated a “market perform” rating and set a $2,600.00 target price on shares of AutoZone in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Moderate Buy” and an average price target of $3,134.88, according to MarketBeat.

Read the latest stock report on AutoZone

AutoZone trading up 1.7%

NYSE AZO traded up $50.43 during trading on Wednesday, hitting $3,094.40. 34,416 shares of the company traded hands, compared to its average volume of 141,923. The company has a market cap of $52.85 billion, a P/E ratio of 21.29, a PEG ratio of 1.43 and a beta of 0.71. The company has a fifty day simple moving average of $3,109.08 and a 200 day simple moving average of $3,009.36. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37.

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

Hedge funds influence AutoZone

A number of institutional investors have recently added to or reduced their stakes in the business. Quent Capital LLC boosted its stake in AutoZone by 4.8% in the first quarter. Quent Capital LLC now owns 88 shares of the company’s stock worth $277,000 after acquiring an additional 4 shares in the last quarter. Mather Group LLC. grew its position in shares of AutoZone by 1.8% in the 2nd quarter. Mather Group LLC. now owns 224 shares of the company’s stock valued at $706,000 after buying an additional 4 shares in the last quarter. Conning Inc. raised its position in shares of AutoZone by 4.3% in the second quarter. Conning Inc. now owns 98 shares of the company’s stock valued at $290,000 after buying an additional 4 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in AutoZone by 14.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 32 shares of the company’s stock worth $95,000 after acquiring an additional 4 shares in the last quarter. Finally, Brighton Jones LLC grew its position in AutoZone by 4.1% during the 2nd quarter. Brighton Jones LLC now owns 101 shares of the company’s stock worth $299,000 after acquiring an additional 4 shares in the last quarter. 92.74% of shares are currently owned by institutional investors.

About AutoZone

(Get a free report)

AutoZone, Inc. retails and distributes auto parts and accessories in the United States, Mexico and Brazil. The company offers various products for cars, SUVs, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products.

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