Shares of health service company The Cigna Group (CI) are rising more than 16% Monday morning after the company announced $10 billion increase in its share repurchase program to $11.3 billion.
The company plans to buy back at least $5 billion by the end of the first half of 2024.
"We believe Cigna's shares are significantly undervalued and repurchases represent a value-enhancing deployment of capital as we work to support high-quality care, improved affordability, and better health outcomes," said David M. Cordani, Chairman and Chief Executive Officer, The Cigna Group.
Further, Cigna reaffirmed its previously provided outlook for adjusted income from operations for full-year 2023 and well as 2024.
CI is at $300.95 currently. It has traded in the range of $240.50 - $340.11 in the last 1 year.
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