5 Stocks That Announced Share Buyback (K, STJ, WAG)

Below are interesting stocks on the NYSE for which buyback has been announced.

Kellogg (NYSE: K) announced plans to buy back up to US$650m of shares in 2010. Any portion of the $650m share repurchase authorization that will remain unused by end FY09 will be rolled-over to 2010. BMO Capital Markets upgraded K from “market perform” to “outperform.”

St Jude Medical Inc (NYSE: STJ) authorized up to $500 million of stock buyback. JMP Securities initiated coverage of STJ with a “market outperform” rating.

Kellogg (NYSE: K) announced plans to buy back up to US$650m of shares in 2010. Any portion of the $650m share repurchase authorization that will remain unused by end FY09 will be rolled-over to 2010. BMO Capital Markets upgraded K from “market perform” to “outperform.”

St Jude Medical Inc (NYSE: STJ) authorized up to $500 million of stock buyback. JMP Securities initiated coverage of STJ with a “market outperform” rating.

Walgreen Co (NYSE: WAG) announced buy back of up to $2 billion in shares. The new share-buyback program replaces the $1 billion plan announced more than two years ago and expires at end 2013. UBS upgraded WAG from “neutral” to “buy.”

Conseco Inc (NYSE: CNO) announced a cash offer to repurchase outstanding 3.5% convertible debentures due September 30, 2035. CNO has a PEG ratio of 0.73.

Yum Brands Inc (NYSE: YUM) has authorized a $300 million share repurchase program. Bernstein has initiated coverage of YUM with a “market perform” rating.