Cigna Abandons Humana Deal, Announces $10 Billion Buyback
Cigna Group has reportedly abandoned its bid to acquire Humana Inc. due to disagreements over financial terms, and is now focusing on a smaller acquisition. Cigna announced a $10 billion stock buyback, bringing its total share repurchase authority to $11.3 billion. The company intends to use the majority of its discretionary cash flow for share repurchases next year, with a target of buying back at least $5 billion of its stock by the end of the first half of 2024. Cigna's CEO stated that the shares are undervalued, and the buybacks will support high-quality care and better health outcomes.