HUM - Humana announces $1B accelerated share buybacks

• Health insurer Humana ( NYSE: HUM ) has inked separate accelerated share repurchase agreements with Goldman Sachs and Mizuho to buy back $1.0B worth of the company's common stock as part of a $3B stock repurchase program announced in February.
• Per the terms, Humana ( HUM ) will pay $1B to the dealers for an initial delivery of nearly 1.5M shares. The final transactions under the agreements are expected to settle in Q4 2022.
• The deals for accelerated share buybacks come in the wake of the company's Q3 2022 financials that exceeded Street forecasts with a ~10% YoY rise in revenue and 150bps improvement in the benefits expense ratio.
• Humana ( HUM ) shares have outperformed its Medicare rival UnitedHealth ( UNH ), with a ~20% gain this year, as indicated in this graph.

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