Reported Wednesday, AutoZone's Board Approves Additional $1.5B Share Repurchase
Portfolio Pulse from Benzinga Newsdesk
AutoZone's Board of Directors has approved an additional $1.5 billion for share repurchases, bringing the total authorized amount to $39.2 billion since the program's inception in 1998.
June 20, 2024 | 6:21 am
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AutoZone's Board of Directors has approved an additional $1.5 billion for share repurchases, bringing the total authorized amount to $39.2 billion since the program's inception in 1998. This move is likely to positively impact the stock price in the short term as share repurchases typically reduce the number of outstanding shares, potentially increasing earnings per share (EPS) and signaling confidence in the company's financial health.
The approval of an additional $1.5 billion for share repurchases by AutoZone's Board is a significant equity action. Share repurchases reduce the number of outstanding shares, which can increase EPS and often lead to a higher stock price. This action also signals the company's confidence in its financial health, which is likely to be viewed positively by investors.
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