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JC Penny Completes Buyback….More to Come

Below is the release from $JCP. The Board meets next month. I fully expect at a minimum another $500M buyback to be authorized. They have the cash on hand, a great balance sheet and improving results will provide even more cash for buybacks without weakening the balance sheet.

VP Subs got into JCP at $31.98 in November 2010 and we expect significant upside still from current levels. Share price appreciation combined with dividends received and premiums from put selling, we are up 25% as of today.

J. C. Penney Company, Inc. (NYSE:JCP) today announced the completion of the $900 million open market share repurchase program that was initiated in March of this year. This repurchase program, which was funded by the Company’s existing cash reserves, resulted in the retirement of approximately 24,352,000 shares, leaving the Company with approximately 213 million shares outstanding. Further details will be provided when the Company announces its financial results for the first quarter of fiscal 2011 on Monday, May 16th.