CVS Caremark to Buy Back $6B in Shares

CVS Caremark Corporation CVS today announced that its Board of Directors has approved a new share repurchase program for up to $6.0 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. The Company also stated that this new share repurchase program is expected to be completed over a multi-year period. The Company intends to provide 2013 guidance and to outline its capital allocation strategy during its upcoming Analyst Day, to be held on December 13, 2012.  At that time, the Company will provide its assumption for the amount of share repurchases expected to be completed during 2013.