CVS Caremark has received approval from its board for a new share repurchase program. The drug store and pharmacy benefit manager will buy back $4 billion of its outstanding common stock. The company will repurchase the shares through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions and/or other derivative transactions. CVS also seeks to complete its previous $2 billion share repurchase program and repurchase approximately $1 billion as part of its new program this year.
Click here for the release from PR Newswire.