WOONSOCKET, R.I. (AP) -- U.S. drugstore operator and pharmacy benefits manager CVS Caremark Corp. on Wednesday said its board has approved a share repurchase program for up to $4 billion of its stock.
The Woonsocket, R.I., company said it intends to complete buybacks this year under a $2 billion program authorized in June last year. It also expects to buy back about $1 billion in shares under the new authorization this year.
CVS Caremark's market capitalization is $45 billion, so $4 billion in buybacks represents 9 percent of the outstanding amount.
The shares rose 81 cents, or 2.4 percent, to $34.20 in morning trading. Over the past year, the stock has traded between $26.84 and $39.50.
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