Hospital operator discloses $1.5 billion share buyback plan

Wednesday, April 30, 2003 | 9:52 a.m.

NASHVILLE, Tenn. -- The nation's largest for-profit hospital company, HCA Inc., said Tuesday it would repurchase $1.5 billion of its common shares.

"We believe the repurchase of our stock at current price levels represents an excellent investment opportunity," said Jack Bovender Jr., HCA's chairman and chief executive.

HCA shares closed Tuesday at $31.56 on the New York Stock Exchange, up 35 cents a share. HCA is a big player in the Las Vegas hospital industry with two hospitals and a third under construction.

The company's first quarter earnings, announced last week, showed nearly a 22 percent increase in profit. But shares plummeted two weeks ago to $28.90, a 52-week low, after warnings from the Nashville-based company that earnings would fall short of analyst expectations.

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