Johnson & Johnson Sets $5 Billion Stock Buyback Program
14 September 2022 - 09:18PM
Dow Jones News
By Colin Kellaher
Johnson & Johnson on Wednesday said its board authorized the
repurchase of up to $5 billion of common stock.
The New Brunswick, N.J., healthcare giant, which had nearly 2.63
billion shares outstanding at the end of July and sports a market
capitalization topping $435 billion, said its shares represent an
attractive investment opportunity.
J&J shares fell 2.6% Tuesday amid a broad market selloff and
are down about 6% for the year to date.
The company said its net debt is at its lowest level in five
years, and that it doesn't plan to take on any debt to fund the
buyback program, which has no expiration date.
J&J bought about 5.4 million of its shares during the second
quarter, but those purchases were part of a systematic plan to meet
the needs of the company's compensation programs.
Shares of J&J rose 0.7% to $162.43 in light premarket
trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 14, 2022 07:03 ET (11:03 GMT)
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