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CVS sets $10 billion share buyback

The share buyback will occur over a multi-year period, the Woonsocket, Rhode Island-based company said in a statement today before a briefing for analysts and investors.

By Ed Hammond | Updated on December 16, 2014
(AP Photo/Seth Wenig, File)

(Bloomberg) — CVS Health Corp. plans to buy back as much as $10 billion of stock and pay out more cash to shareholders as the biggest U.S. seller of prescription drugs benefits from the increasing number of Americans with insurance coverage.

The share buyback will occur over a multi-year period, the Woonsocket, Rhode Island-based company said in a statement today before a briefing for analysts and investors. CVS will raise its quarterly dividend by 27 percent, to 35 cents a share, the company said.

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