Insurer Molina Healthcare Inc. said Thursday that its board has approved a plan to buy back up to $50 million of the company's stock.
The Long Beach, Calif., company's repurchase became effective Sept. 30 and extends through the end of the year. It will be funded by existing cash.
The new plan replaces a $75 million repurchase program that Molina's board adopted last February.
Molina manages Medicaid coverage in several states, including California, Florida and Illinois. Medicaid is the state and federally funded program that provides health coverage for the poor and disabled people.
Shares of Molina closed at $36.12 Wednesday and have climbed more than 33 percent so far this year.