BUZZ-Zoetis extends gains after $1.75 bln convertible bond sale for stock buybacks
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Zoetis shares rose 1.2% premarket after announcing a $1.75 billion convertible bond sale to fund stock buybacks. The initial conversion price is set at $148.20, 22.5% above the last close. Zoetis plans to use $1.3 billion for buybacks by Q1 2026, $163 million for capped calls, and $250 million for hedging. Despite a 26% YTD stock decline, 14 of 19 analysts rate it a "strong buy" or "buy" with a median price target of $160.
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