Cigna Corp. announced Thursday that it will buy back $3.5 billion of its common stock through accelerated stock repurchase (ASR) agreements. That represents about 4.5% of the health insurer’s market capitalization of $78.4 billion as of Wednesday’s stock closing price of $247.10. The company said the ASR was part of its existing stock repurchase program, which had $8.8 billion remaining as of June 14, and part of its plan to repurchase “at least” $7 billion of stock in 2022. Cigna’s stock fell 1.0% premarket, amid a sharp selloff in the broader stock market. Cigna’s stock has gained 7.6% year to date through Wednesday, while the S&P 500 has dropped 20.5%.
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