By Colin Kellaher


Cigna Corp. on Thursday said it will buy back $3.5 billion of common stock through accelerated repurchase agreements with Mizuho Markets Americas LLC and Morgan Stanley & Co.

The Bloomfield, Conn., provider of health services said it will receive an initial delivery of shares representing 80% of the amount based on its closing stock price on July 1, with final settlement slated for the fourth quarter.

Cigna--which has about 317.2 million shares outstanding and sports a market capitalization of nearly $78 billion based on Wednesday's closing price of $247.10--said the accelerated buyback is part of its current repurchase program, which has roughly $8.8 billion of remaining authority.

Cigna's board added $6 billion to the program in February, boosting it to $10 billion. The company on Thursday said it is on track to buy back at least $7 billion of stock this year.

Despite the current bear market, Cigna shares are up more than 7% so far this year.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

06-16-22 0737ET