HARTFORD, Conn. (AP) — Aetna Inc. said Friday that its board authorized it to repurchase $750 million of its common stock.
The Hartford, Conn.-based health insurer noted that it still has $248 million in stock buybacks remaining under a previous repurchase authorization.
Stock buybacks indicate companies have enough cash to take their shares off the market, which increases the value of investors' remaining shares, and boosts per-share earnings results.
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Shares of Aetna were up $1.38, or 4 percent, at $36.68 in late trading
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