By Colin Kellaher
Humana Inc. on Wednesday said it plans to buy back $1 billion in stock under accelerated share-repurchase agreements with Mizuho Markets Americas LLC and Wells Fargo Bank N.A.
The Louisville, Ky., health insurer said it expects initial delivery of about 2.17 million shares under the agreements, which are part of the $3 billion buyback program it announced last February.
Humana--which has about 128.5 million shares outstanding and sports a market capitalization of roughly $49.5 billion based on Tuesday's closing price of $391.66--hadn't repurchased any shares under the program as of early November.
Humana said it expects final settlement under the accelerated agreements to occur in the first quarter.
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(END) Dow Jones Newswires