Cigna is expecting an initial delivery of 7.6 million shares, with a final settlement expected in the second quarter of 2024.
Cigna said the buybacks are part of its existing share repurchase program, which had remaining authority of $10.6 billion as of Feb. 13. In a news release, CEO David Cordani said the company is on track to repurchase $5 billion of common stock in the first half of 2024.
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