Global health company, Cigna Group to acquire an increase of $10 billion in incremental share repurchase authorization, bringing the company’s total share repurchase authority to $11.3 billion, on Sunday.
The company said it expects to include repurchasing at least $5 billion of shares between now and the end of the first half of 2024, with a portion of this repurchase to be executed.
David Cordani, chief executive officer of Cigna Group stated, “We believe Cigna’s shares are significantly undervalued and repurchases represent a value-enhancing deployment of capital as we work to support high-quality care, improved affordability, and better health outcomes.”
“As we look at the broader landscape and the strategic opportunities before us, we will remain financially disciplined with a clear focus on executing against our strategy, delivering value for our shareholders, and investing in our future,” said Cordani.
The company said its proposed repurchases under the updated share repurchase program may be made from time to time on the open market at prevailing market prices, through accelerated share repurchase agreements.
Also, Cigna Group said the buyback is done in privately negotiated transactions, in block trades, and through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and its insider trading policy.
The Bloomfield, Connecticut-based firm provides health services, committed to improving health and vitality, serving in more than 30 countries and jurisdictions.
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