June 14, 2010
CVS Board Authorizes $2B Share Buy-Back Plan
By Matthew L. Brown
Woonsocket, R.I.-based retail pharmacy operator CVS Caremark Corp. said it plans to buy back $2 billion in common stock.
CVS has more than 2,200 employees in Central Massachusetts.
The $2 billion buy-back offer expires at the end of 2011. The company's stock was trading at $32.50 per share this morning.
During the second quarter, the company repurchased about 16.7 million shares for about $613 million, completing a $2 billion buy-back effort begun in November 2009.
The company said it buys back shares on the open market, in privately negotiated transactions and other derivative transactions.
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