Johnson & Johnson issued a new share-repurchase plan to buy back $5 billion in stock, according to Market Watch.
The company's shares increased by 0.8 percent following the announcement. Recently, Johnson & Johnson's stock took a dive.
"Based on our continued strong performance and, more importantly, the confidence we have in our business going forward, the board of directors and management team believe that the company's shares are an attractive investment opportunity," Alex Gorsky, Johnson & Johnson CEO, said in a statement, according to the report.
With the repurchase plan, Johnson & Johnson does not expect to take on any debt. The company also reaffirmed its 2018 sales and earnings guidance.