Zoetis Announces $500 Million Buyback as Activists Circle
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Zoetis Inc., the animal health company activist investors are pressuring to boost shareholder returns, issued a 2015 financial forecast below analyst expectations after saying earlier today it will buy back $500 million in shares.
Excluding one-time items, earnings next year will be $1.61 to $1.68 a share, below Bloomberg’s $1.72 a share average of analyst estimates. Sales will be from $4.85 billion to $4.95 billion, the company said in a filing. Analysts had estimated $4.95 billion.