J&J to make $10 billion share buyback
US health care major Johnson & Johnson says that its board of directors has approved a share repurchase program, authorizing the company to buy up to $10.0 billion of the corporation's shares of common stock.
"This share repurchase program is consistent with our strategy of providing value to our shareholders while maintaining flexibility to continue to invest in future growth opportunities," said William Weldon, chief executive.
Share repurchases will take place on the open market from time to time based on market conditions. The program has no time limit and may be suspended for periods or discontinued at any time. Any shares acquired will be available for general corporate purposes. J&J had approximately 2,896.6 million shares of common stock outstanding as of April 29.
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