AutoZone Adds $750 Million to Stock Buyback Program

Before you go, we thought you'd like these...
Before you go close icon

AutoZone hopes to inject some turbo power into its stock by expanding its share repurchase program. The company's board has authorized an additional $750 million for buybacks of its common stock, the company announced Wednesday.

Since initiating the program in 1998, the company has authorized a total of $13.4 billion in buybacks, including the most recent amount. AutoZone quoted its CFO Bill Giles as saying that the company's "continued strong financial performance allows us to repurchase our stock while maintaining our investment grade credit ratings."

AutoZone's current market capitalization is roughly $14.8 billion. The most recent closing price of its stock is $416.


link

The article AutoZone Adds $750 Million to Stock Buyback Program originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in AutoZone. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts
Nature Gets Revenge On Safari Hunter Who Killed Elephants And Lions For Sport Nature Gets Revenge On Safari Hunter Who Killed Elephants And Lions For Sport
Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going