Item 2. Unregistered Sales of Equity Securities
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
The following table provides information about The Cigna Group's share repurchase activity for the quarter ended March 31, 2023:
Period Total # of shares purchased (1)
Average price paid per share (1)
Total # of shares purchased as part of
publicly announced program (2)
Approximate dollar value of shares
that may yet be purchased as part
of publicly announced program (3) (in millions)
January 1-31, 2023 1,645,320 $ 312.03 1,645,228 $ 3,060
February 1-28, 2023 836,644 $ 297.60 675,164 $ 2,860
March 1-31, 2023 1,070,256 $ 279.47 878,786 $ 2,619
Total 3,552,220 $ 298.82 3,199,178 N/A
(1) Includes shares tendered by employees under the Company's equity compensation plans as follows: 1) payment of taxes on vesting of restricted stock (grants and units) and strategic performance shares and 2) payment of the exercise price and taxes for certain stock options exercised. Employees tendered 92 shares in January, 161,480 shares in February and 191,470 shares in March 2023.
(2) Additionally, the Company maintains a share repurchase program authorized by the Board. Under this program, the Company may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date. From April 1, 2023 through May 4, 2023, the Company repurchased 0.5 million shares for approximately $139 million, leaving repurchase authority at $2.5 billion as of May 4, 2023.
(3) Approximate dollar value of shares is as of the last date of the applicable month and excludes the impact of excise tax.
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