Jim Cramer Highlights AutoZone "Legendary" Buyback

AutoZone, Inc. (NYSE:AZO) is one of the stocks Jim Cramer highlighted recently. Cramer called its buyback “legendary” and said:

“But let’s cut to one that I am predisposed to, AutoZone, AZO, the auto parts chain, which does very well in a slowdown because more people want to fix up their old cars, saves them money rather than have to go buy a new one. AutoZone’s got a legendary buyback. I checked out the share count over the last decade, and it’s astounding. 10 years ago, it had roughly 31 million shares. Now, it’s less than 17 million shares. That’s what happens when you’re repurchasing at a clip of 6% every year. I like it.”

AutoZone, Inc. (NYSE:AZO) sells and distributes automotive replacement parts, maintenance products, and accessories for cars, trucks, and SUVs. Additionally, the company provides diagnostic and repair software and parts. When a caller inquired about the stock in a May episode, Cramer replied:

“No, you’re not thinking of buying, you’re going to buy. This has the single best buyback. The quarter was very good. I am actually surprised that the stock isn’t up even more. It sells at only 24 times earnings. It’s consistent. They bought back half the float. You have a winner in AutoZone.”

AutoZone, Inc. (NYSE:AZO) stock is up around 16% since the above comment was aired.

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Disclosure: None. This article is originally published at Insider Monkey.