Buffett may back out of J&J | MassDevice.com On Call

February 27, 2012 by MassDevice staff

Business titan Warren Buffett is considering getting rid of his long-time stake in Johnson & Johnson, citing concerns about the company's recent problems.

MassDevice On Call

MASSDEVICE ON CALL — Investment tycoon Warren Buffet may be ready to ditch his stake in Johnson & Johnson (NYSE:JNJ), he said during a CNBC interview.

J&J has "obviously has messed up in a lot of ways in the last few years," the chairman & CEO of Berkshire Hathaway (NYSE:BRK.A) said, referring to a slew of company recalls covering a range of products from hip implants to baby lotion.

Buffet owns about 31.4 million shares, representing 1.2% of Johnson & Johnson, Reuters reported. J&J has been among Berkshire Hathaway's biggest investments since 2006.

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The health care giant announced this month that long-time CEO William Weldon would pass the torch to Alex Gorsky on April 26, the day of the company's annual meeting with shareholders.

JNJ shares were down 19 cents to $64.28 as of about 10:30 a.m. this morning.

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