Shares of Cigna Corp. CI, +0.10% rose 1.4% in premarket trading Tuesday, after the insurer announced a $2.0 billion accelerated stock repurchase (ASR) agreement with Morgan Stanley and J.P. Morgan Chase Bank. The ASR is part of its repurchase program, which had $3.8 billion remaining as of Aug. 4. “This accelerated share repurchase is consistent with our commitment to return a significant amount of capital to shareholders,” said Chief Executive David Cordani. Based on Monday’s stock closing price of $207.74, the ASR could represent 9.63 million shares, or 2.8% of the shares outstanding. The stock has dropped 20.6% over the past three months through Monday, while the SPDR Health Care Select Sector ETF XLV, +0.04% has rallied 9.4% and the S&P 500 SPX, +0.85% has gained 6.7%.
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