STOCK BUYBACK PROGRAM, IS IT A GOOD THING FOR INVESTORS?

Stock buyback program... Is it a good thing for investors? Pfizer Inc.(PFE) announced that its board of directors has approved a new $10 billion share buyback program. So what does that mean for the small investors like you and me?
In addition to this latest share buyback program, the board said that Pfizer will buy back an additional $3.9 billion in shares from a previous share repurchase program.
How is this going to effect your positions if you own PFE?
Furthermore, PFE declared its next quarterly dividend payout will pay out 24 cents per share to shareholders with an ex-dividend date of July 31.
As prices return to 07-08's numbers then why are the dividends not returning the favor.
Pfizer shares were up 36 cents, or 1.28%, during pre-market trading on Friday. The stock is up 12.36% year-to-date.
Is the Stock repurchase a good deal for investors when the dividend numbers don't don't reflect the investors best interest.
The Bottom Line
Shares of Pfizer (PFE) have a dividend yield of 3.41% based Friday's closing price of $28.18 and the company’s quarterly dividend payout of 24 cents per share. Seems like we investors are getting the short end of this stick. In 07-08 PFE's stock price was lower and the dividends were higher. Our ROI was looking better as an investment situation and now the company is spending money that in all rights should be going back to the investors.... in my humble opinion.