A health insurer and an insurance technology company have set aside more cash for use in buying back company stock.
Aetna Inc., Hartford, says its board has allocated $750 million for purchases of Aetna common stock.
The total value of Aetna’s common stock, or market capitalization, is about $20 billion. The price has dropped to about $40 per share, from a price of about $55 at the beginning of the year and down from about $45 earlier in the month.
Ebix Inc., Atlanta, which runs the AnnuityNet annuity trading system, says it has a $5 million share repurchase plan in place and may increase the amount available for buying company stock to $10 million.
The Ebix market cap is about $254 million. Ebix shares are selling for about $80, down from about $90 earlier in the week.