Johnson & Johnson is buying $10 billion worth of itself

Johnson & Johnson is set to report third-quarter earnings results on Tuesday morning.

Ahead of the release, the healthcare and consumer products giant announced a $10 billion share buyback program. It said it had about 2.77 billion shares of common stock outstanding as of September 27.

It will finance the repurchases by issuing debt.

Its stock is down 8% year-to-date., and 5% over the past 12 months.

Analysts estimate that J&J will post adjusted earnings per share of $1.45 on revenues of $17.45 billion, according to Bloomberg.

More to come ...

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