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Home > Health Insurance News > Coventry Health Care Announces Increased Authorization to Repurchase Shares
Coventry Health Care Announces Increased Authorization to Repurchase Shares
BETHESDA, Md., Feb 16, 2006 (BUSINESS WIRE) -- Coventry Health Care, Inc. (NYSE:CVH) announced today that its Board of Directors has authorized the Company to repurchase an additional 5% of its outstanding common stock, bringing Coventry's total authorization including the remainder of prior authorizations to approximately 10.2 million shares.
Stock repurchases may be made from time to time at prevailing prices in the open market, by block purchase, or in private transactions. There is no commitment or obligation on the part of the Company to purchase any particular number of shares and the program may be suspended at any time at its discretion. The Company currently has approximately 162.2 million shares of common stock outstanding.
This press release may contain forward-looking statements, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, relating to future events or future financial performance. Actual performance may be significantly impacted by certain risks and uncertainties, including those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2004 filed with the Securities and Exchange Commission (SEC).
Coventry Health Care is a national managed health care company based in Bethesda, Maryland operating health plans, insurance companies, network rental / managed care services companies, and workers' compensation services companies. Coventry provides a full range of risk and fee-based managed care products and services, including HMO, PPO, POS, Medicare Advantage, Medicare Prescription Drug Plans, Medicaid, Workers' Compensation and Network Rental to a broad cross section of individuals, employer and government-funded groups, government agencies, and other insurance carriers and administrators in all 50 states as well as the District of Columbia and Puerto Rico.
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