UHS ups stock buyback program by $500M

King of Prussia, Pa.-based Universal Health Services' board authorized a $500 million increase to its stock repurchase program, which now allows the company to buy back $1.7 billion of its outstanding shares.

Since launching the stock buyback program in 2014, UHS has repurchased about 10 million shares of its Class B Common Stock. The company repurchased 2.1 million shares in the first nine months of this year.

UHS reported a profit of $171.75 million on revenues of $2.65 billion in the third quarter of this year. In the same period of 2017, the company recorded a profit of $141.25 million on revenues $2.54 billion.

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