1 No-Brainer Stock to Buy on the Dip With $100 Right Now
During the 12-week period that ended May 4 -- its fiscal 2024 third quarter -- AutoZone (NYSE: AZO) reported 3.5% and 7.5% gains in revenue and diluted earnings per share, respectively. Shareholders weren't pleased with those results and immediately sent the stock lower following the news.
As of May 24, shares of the auto parts retailer were 14% off their peak price from earlier this year. This presents a lucrative buying opportunity. Here's why AutoZone is a no-brainer stock to buy with $100 right now. Note that the stock trades over $2,700 per share, so if you've only got $100 to invest, you'll need to buy a fraction of a share.
This company couldn't be further away from the artificial intelligence boom. But in this instance, boring is beautiful. Through its network of 7,236 stores, 6,364 of which are in the U.S., AutoZone sells car parts and accessories, like brake pads, engine oil, and batteries, to do-it-yourselfers and auto mechanics. That doesn't sound all that exciting and revolutionary, but it has helped shares soar 415% just in the past decade.
Source Fool.com
