Cigna Sets $2 Billion Accelerated Stock Buyback

By Colin Kellaher

Cigna Corp. on Tuesday said it plans to buy back $2 billion of common stock through accelerated repurchase agreements with Morgan Stanley & Co. and JPMorgan Chase Bank N.A.

The Bloomfield, Conn., provider of health services said it will receive an initial delivery of about 7.7 million shares, with final settlement slated for the fourth quarter.

Cigna, which has about 340 million shares outstanding, sports a market capitalization of roughly $70.6 billion based on Monday's closing price of $207.74.

Cigna said the accelerated buyback is part of its prior repurchase authorization, which had $3.8 billion remaining as of Aug. 4.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

08-24-21 0700ET