Cigna Group Sets $3.2 Billion Accelerated Stock Buyback
By Colin Kellaher
Cigna Group is buying back $3.2 billion of common stock through accelerated repurchase agreements with Deutsche Bank and Bank of America.
The Bloomfield, Conn., provider of health services on Thursday said it expects initial delivery of about 7.6 million shares, with final settlement slated to occur in the second quarter.
Cigna said the accelerated buybacks are part of its current repurchase program, which had $10.6 billion remaining as of Tuesday.
Cigna, which sports a market capitalization of nearly $99 billion, said it is on track to buy back $5 billion worth common stock in the first half of 2024, adding that it expects to use the majority of its discretionary cash flow this year for share repurchases.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 15, 2024 06:38 ET (11:38 GMT)
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