Community Health Systems, Franklin, Tenn., said its board of directors has authorized a share repurchase plan of 4 million shares. LifePoint Hospitals, Brentwood, Tenn., announced a $150 million share repurchase plan earlier this week. The decline in the price of hospital stocks since May has made share repurchases more attractive investments.
Community Health approves $100 million stock buyback
Community's new repurchase plan authorizes the company to spend up to $100 million to buy back the shares. The plan ends in September 2013.
Community has nearly exhausted its previous share repurchase plan, authorized by the board in December 2009. The company has repurchased nearly 3 million shares for a total cost of $99.6 million, according to a news release.
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