AutoZone (NYSE: AZO ) 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.