CVS Caremark board approves $2B share repurchase deal

Woonsocket, R.I. CVS Caremark Corp. announced that its board has approved a new share repurchase program for up to $2 billion of its stock.

It had completed its previous buyback program earlier this quarter. CVS had 1.36 billion shares on the market as of April 27.

CVS said the new buyback authorization is effective immediately and expires at the end of next year.

CVS Caremark said it repurchased about 16.7 million shares for about $613 million during the second quarter. That completed a $2 billion repurchase program authorized last November.

The new CVS buyback authorization comes as CVS and rival Walgreen Co. are taking shots at each other over CVS' pharmacy benefits-management program.