Medco Announces New Share Repurchase Program (MHS)

Medco Health Solutions Inc. MHS has announced its plan to buy back $3 billion worth of its stock. The company recently finished its earlier round of stock buyback. The company started its stock buyback plan in 2005 and has repurchased more than 208 million shares to date. Reuters has reported that the company’s new share buyback program comes as the company nears completion of its $3 bullion stock repurchase plan authorized in 2008. Richard Rubino, Medco’s CFO, said, “Our core priorities for the use of our cash on hand will continue to be investing in our core business, investing in future growth initiatives and in making Medco an even more agile enterprise.” Shares of Medco Health Solutions Inc. closed 0.73% higher at $59.25 in trading today.