AutoZone Bumps Up Share Buyback Authorization By $2B
Portfolio Pulse from Lekha Gupta
AutoZone Inc has increased its share buyback authorization by $2 billion as part of its ongoing share repurchase program. The company reported mixed Q3 FY23 results, with sales of $4.09 billion and EPS of $34.12. In Q3, AutoZone repurchased shares worth $908.2 million.
June 15, 2023 | 9:59 am
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AutoZone's increased share buyback authorization may boost investor confidence, but mixed Q3 results could impact the stock price.
AutoZone's increased share buyback authorization demonstrates the company's strong financial performance and commitment to returning value to shareholders. However, the mixed Q3 results, with sales missing consensus, could create uncertainty in the short term, leading to a neutral impact on the stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100