The Cigna Group Confirmed Increase To Share Repurchase Program Of $10B
Portfolio Pulse from Charles Gross
The Cigna Group (NYSE:CI) has announced an increase in its share repurchase program by $10 billion, raising the total authorization to $11.3 billion. The company plans to allocate the majority of its discretionary cash flow to buy back shares in 2024, with a target of repurchasing at least $5 billion of common stock by the end of the first half of 2024. Part of this repurchase is expected to be conducted through an accelerated share repurchase program in the first quarter of 2024.
December 10, 2023 | 6:03 pm
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Cigna Group has significantly increased its share repurchase authorization to $11.3 billion, with plans to repurchase at least $5 billion of its common stock by mid-2024.
The substantial increase in share repurchase authorization typically signals a company's confidence in its financial stability and future prospects. It often leads to a reduction in the number of shares outstanding, potentially increasing earnings per share and the stock price in the short term.
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