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J&J to buy back stock
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February 13, 2002: 9:50 a.m. ET
Health-care products company to buy back as much as $5 billion of stock.
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NEW YORK (CNN/Money) - Johnson & Johnson said Tuesday that its board of directors has approved a new program to buy back as much as $5 billion of its common stock.
The health-care products company said the purchases would take place on the open market from time to time, based on market conditions. The program has no expiration date, but may be suspended for periods of time or discontinued, the company said.
Johnson & Johnson (JNJ: up $1.09 to $58.39, Research, Estimates) said that as of year-end 2001, it had 3.09 billion shares outstanding on a diluted basis. 
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