AutoZoneNYSE: AZO

Stock splits are popular once again. In June, Nvidia (NASDAQ: NVDA ) split its stock on a 10-for-1 basis and Chipotle Mexican Grill (NYSE: CMG ) executed a 50-for-1 split, the first in the restaurant chain's history.

Zacks.com users have recently been watching AutoZone (AZO) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.

As AutoZone (AZO) approves an additional $1.5 billion for share repurchases, we assess the current positioning of the stock to determine if it's a good investment at this juncture.

AutoZone (AZO) reported earnings 30 days ago. What's next for the stock?

MEMPHIS, Tenn., June 19, 2024 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), today, announced its Board of Directors authorized the repurchase of an additional $1.5 billion of the Company's common stock in connection with its ongoing share repurchase program. Since the inception of the repurchase program in 1998, and including the above amount, AutoZone's Board of Directors has authorized $39.2 billion in share repurchases.

With the Zacks Automotive- Retail and Wholesale- Parts industry currently placed in the top 21% of around 250 Zacks industries, stocks like ORLY and AZO are still worth keeping an eye on.

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With durable customer demand, this company is able to post consistent revenue gains. The average age of cars on the road keeps rising, which is a trend that benefits it.