The board of Aetna Inc. has added $750 million to the fund that managers can use to buy back shares of the company’s common stock.
Aetna, Hartford (NYSE:HIG), has about $315 million in stock repurchase authority left under the older repurchase authorization.
Aetna has about 380 million common shares outstanding, and shares are selling for about $40 each.
At current prices, Aetna now has enough repurchase capacity to buy back about 7% of the company’s stock.
- Allison Bell