This is late stage action. They don't see a good enough return to invest back in the business or to invest in future business. They don't see big enough markets to go after or see it as too much work. They do buybacks to keep stock up - for the big institutional WS guys - they love this - instant gratification. It is called "taking cash out" of the business. (The IBM model. Can't last forever.) All WS cares about is stock price and cash. Like the dog and pony show today with earnings - just to give WS guys something good to talk about. They just need a good story to tell the big funds to keep them in Hon stock.
@11zmtkpf-1ojf makes a really good point.