Navigation Links
CVS Caremark Corporation Announces New Share Repurchase Authorization for up to $4 Billion of Common Stock
Date:8/24/2011

WOONSOCKET, R.I., Aug. 24, 2011 /PRNewswire/ -- CVS Caremark Corporation (NYSE: CVS) today announced that its board of directors has approved a new share repurchase program for up to $4.0 billion of the company's outstanding common stock. The share repurchase authorization, which is effective immediately, permits the company to effect the repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions.

(Logo: http://photos.prnewswire.com/prnh/20090226/NE75914LOGO)

The Company also stated that it intends to complete its $2 billion share repurchase program, authorized in June 2010, this year as expected.  In addition, the company intends to repurchase approximately $1 billion under the new authorization by the end of this year.

Dave Denton, executive vice president and chief financial officer of CVS Caremark, stated, "We're very pleased with the board's decision.  We believe it reflects their continued confidence in the future growth of CVS Caremark as well as an ongoing commitment to increase shareholder value."

Denton continued, "Over the next several years, we expect to generate significantly more free cash flow than what we've generated in the past several years.  We have a disciplined approach to capital allocation that encompasses investing in internal projects that meet our return hurdles and utilizing our remaining free cash flow to increase shareholder value through dividends and share repurchases. We intend to continue to review our dividend annually and to do share repurchases that are value enhancing."

There can be no assurance as to the amount, timing or prices of repurchases. The specific timing and amount of repurchases will vary based on market conditions and other factors. The share repurchase program may be modified, extended or terminated by the board of directors at any time.

About the Company

CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. We are uniquely positioned to engage plan members in behaviors that improve their health and to lower overall health care costs for health plans, plan sponsors and their members. CVS Caremark is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest pharmacy benefits managers (PBMs), we provide access to a network of approximately 65,000 pharmacies, including more than 7,200 CVS/pharmacy® stores that provide unparalleled service and capabilities. Our clinical offerings include our signature Pharmacy Advisor™ program as well as innovative generic step therapy and genetic benefit management programs that promote more cost effective and healthier behaviors and improve health care outcomes. General information about CVS Caremark is available through the Company's website at http://info.cvscaremark.com.

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2010 and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Quarterly Report on Form 10-Q.


'/>"/>
SOURCE CVS Caremark Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. CVS Caremark Study Finds Non-Adherent Heart Failure Patients Almost Twice as Likely to be Re-Hospitalized Within a Year
2. CVS Caremark Data Confirms Improved Outcomes for Women with Osteoporosis Who are Adherent to Therapy
3. CVS Caremark Launches Distribution of $3 million in Free Seasonal Flu Shot Vouchers to the Unemployed
4. CVS Caremark Celebrates Outstanding Pharmacy Care to Patients During American Pharmacists Month in October
5. CVS Caremark Undertakes Multi-Year Study to Improve Patient Medication Adherence
6. CVS Caremark Announces Updates to Flu Vaccine Program
7. CVS Caremarks MinuteClinic and Allina Hospitals & Clinics Form Strategic Partnership
8. CVS Caremark Corporation Increases Quarterly Dividend 15%
9. CVS Caremarks MinuteClinic Becomes First Retail Clinic Provider to Achieve Consecutive Accreditation Awards From The Joint Commission
10. CVS Caremark Names New Chief Human Resources Officer
11. CVS Caremark Corporation Announces Quarterly Dividend
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/16/2018)... ... October 16, 2018 , ... Founders ... development and marketing of algae-based omega-3 products, Ben Kelly of Algarithm Ingredients and ... in Houston, Texas on October 15. The title of their presentation was “Making ...
(Date:10/13/2018)... ... October 12, 2018 , ... Submissions to the uBiome ... healthcare providers, students, trainees, and researchers worldwide. Winning proposals will receive grants which ... bioinformatics services. , “uBiome is thrilled to further expand our collaborations in the ...
(Date:10/11/2018)... ... 2018 , ... doeLEGAL, a leading provider of innovative, cloud-based ... today announced it is sponsoring the 2018 ACC Annual Meeting in Austin, TX ... departments are using smart data, intelligently delivered to rethink data strategies and boost ...
Breaking Medicine Technology:
(Date:10/16/2018)... ... October 16, 2018 , ... ... Compliance, an attorney experienced in employment law, writes frequently on employment law matters ... she authored a chapter in the Health Care Compliance Professional's Manual titled “Navigating ...
(Date:10/16/2018)... , ... October 16, 2018 , ... The months of training are over. The race ... bodies will probably feel like they were put through the wringer after the big event. ... injuries team at Medicine in Motion on how to treat the body and mind after ...
(Date:10/16/2018)... ... October 16, 2018 , ... ... healthcare and clinical research networking-technology company founded by patient-survivors, and The Avoca ... compliance in the clinical trial execution process, today announced its mutual collaboration ...
(Date:10/13/2018)... ... October 12, 2018 , ... Convoy of Hope is positioned and ready to ... service team to the devastated Florida Panhandle to begin response operations following Hurricane Michael. ... response teams and provide supplies to those affected by the storm. , Hurricane ...
(Date:10/13/2018)... ... October 13, 2018 , ... This World Food Day ... that it IS possible to end hunger by 2030 by breaking a GUINNESS WORLD ... several of their 28 U.S. based locations and five international locations together to break ...
Breaking Medicine News(10 mins):