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CIGNA Board OKs $500 Million Stock Buyback

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NU Online News Service, July 24, 1:40 p.m. – CIGNA Corp., Philadelphia, says its board has given the company authority to spend $500 million more on buying back the company’s stock.

The company now has $579 million available for stock repurchases.

The company also declared a regular quarterly cash dividend of 33 cents per common share, payable Oct. 10 to shareholders of record Sept. 12.

CIGNA is following the lead of American International Group Inc., New York, which last week responded to recent stock market turmoil by authorizing the purchase of up to 10 million shares of its own common stock.