Company Update (NYSE:AZO): AutoZone, Inc. Authorizes Additional Stock Repurchase
AutoZone, Inc. (NYSE:AZO), announced its Board of Directors authorized the repurchase of an additional $750 million of the Company’s common stock in connection with its ongoing share repurchase program. Since the inception of the repurchase program in 1998, and including the above amount, AutoZone’s Board of Directors has authorized$17.2 billion.
“AutoZone’s continued strong financial performance allows us to repurchase our stock while maintaining our investment grade credit ratings,” said Bill Giles, Executive Vice President, Chief Financial Officer, Information Technology and ALLDATA. “We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans.” (Original Source)
Shares of AutoZone closed today at $786.06, down $0.52 or -0.07%. AZO has a 1-year high of $803.83 and a 1-year low of $652.19. The stock’s 50-day moving average is $763.55 and its 200-day moving average is $753.91.
On the ratings front, AutoZone has been the subject of a number of recent research reports. In a report released today, Oppenheimer analyst Brian Nagel maintained a Buy rating on AZO, with a price target of $900, which implies an upside of 14.7% from current levels. Separately, on March 2, Wedbush’s Seth Basham reiterated a Buy rating on the stock and has a price target of $870.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Nagel and Seth Basham have a total average return of 6.3% and 16.5% respectively. Nagel has a success rate of 57.9% and is ranked #123 out of 3757 analysts, while Basham has a success rate of 73.0% and is ranked #255.
AutoZone Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company’s store carry an extensive product line for cars, sport utility vehicles, vans and light trucks.