AutoZone (NYSE:AZO) declared that its board has initiated a share repurchase plan, which permits the company to repurchase $1.25 billion in outstanding shares on Wednesday, September 26th. This repurchase authorization permits the company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

A number of research analysts recently issued reports on AZO shares. Zacks Investment Research upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $860.00 target price on the stock in a research note on Tuesday, August 28th. Bank of America lowered shares of AutoZone from a “buy” rating to a “neutral” rating and set a $830.00 target price on the stock. in a research note on Monday, September 17th. Credit Suisse Group raised their target price on shares of AutoZone from $790.00 to $810.00 and gave the company an “outperform” rating in a research note on Wednesday, September 5th. Wells Fargo & Co raised their target price on shares of AutoZone from $700.00 to $800.00 and gave the company an “outperform” rating in a research note on Tuesday, June 12th. They noted that the move was a valuation call. Finally, Deutsche Bank upgraded shares of AutoZone from a “hold” rating to a “buy” rating and raised their target price for the company from $675.00 to $805.00 in a research note on Wednesday, August 1st. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. AutoZone has an average rating of “Buy” and a consensus price target of $773.95.

NYSE AZO opened at $778.00 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.14 and a debt-to-equity ratio of -3.29. The firm has a market capitalization of $20.43 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 1.09 and a beta of 0.87. AutoZone has a 52-week low of $560.82 and a 52-week high of $797.89.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, September 18th. The company reported $18.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $17.92 by $0.62. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.60 billion. AutoZone had a net margin of 11.92% and a negative return on equity of 99.70%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the business posted $15.27 EPS. research analysts forecast that AutoZone will post 57.82 EPS for the current fiscal year.

In other news, VP Charles Pleas III sold 9,500 shares of AutoZone stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $759.85, for a total transaction of $7,218,575.00. Following the sale, the vice president now directly owns 13,862 shares in the company, valued at approximately $10,533,040.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Albert Saltiel sold 2,150 shares of AutoZone stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $717.90, for a total transaction of $1,543,485.00. Following the sale, the insider now owns 2,297 shares in the company, valued at $1,649,016.30. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories. It offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. The company's products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, thermostats, starters and alternators, and water pumps.

Featured Story: Asset Allocation and Your Retirement

Receive News & Ratings for AutoZone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AutoZone and related companies with MarketBeat.com's FREE daily email newsletter.