AutoZone Board Authorizes Repurchase Of An Additional $2B Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
AutoZone's Board of Directors has authorized an additional $2 billion for the repurchase of its common stock, bringing the total authorized amount since 1998 to $37.7 billion.
December 20, 2023 | 10:01 pm
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AutoZone's new $2 billion stock repurchase authorization may lead to a reduction in share count, potentially increasing earnings per share and shareholder value in the short term.
Stock repurchase programs are typically viewed positively by the market as they can indicate that the company believes its stock is undervalued and that it is confident in its financial position. A reduction in the number of shares outstanding can also improve earnings per share metrics, making the stock more attractive to investors.
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