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CVS Caremark announces new share repurchase program, quarterly dividend

BY Antoinette Alexander

WOONSOCKET, R.I. — CVS Caremark announced that its board of directors has approved a new share repurchase program for up to $6 billion of the company’s outstanding common stock.
 
The share repurchase authorization, which is effective immediately, permits the company to effect the repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions.

The company also stated that this new share repurchase program is expected to be completed over a multiyear period. CVS Caremark intends to provide 2013 guidance and to outline its capital allocation strategy during its upcoming Analyst Day, to be held on Dec. 13. At that time, the company will provide its assumption for the amount of share repurchases expected to be completed during 2013.

"We’re very pleased with the board’s decision to approve this new share repurchase program and believe it reflects their confidence in CVS Caremark’s growth outlook as well as an ongoing commitment to create shareholder value. We have a highly disciplined approach to capital allocation and we are committed to using our strong free cash flow to fund investments that drive returns in addition to dividends and value-enhancing share repurchases,” stated Dave Denton, EVP and CFO of CVS Caremark.

CVS Caremark also announced that its board has approved a quarterly dividend of 16.25 cents per share on the common stock of the corporation, payable Nov. 2 to holders of record on Oct. 22.

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Marsh encourages customers to clean out medicine cabinets

BY Allison Cerra

INDIANAPOLIS — Marsh Supermarkets is inviting customers to properly dispose of their unused, unwanted and/or expired medications.

From Sept. 21 to 24, Marsh pharmacies will collect and qualify unwanted medications for free disposal. Pills, capsules and liquids are accepted for disposal, and the medicine must be in original container with original label intact, Marsh said.

The takeback program is brought in partnership with such private and public organizations as Indiana University Health, the Indiana Department of Environmental Management, Indiana Poison Center, Indiana Association for Home and Hospice Care, packaging company Rexam and solutions firm Inmar. Marsh also noted that the program is for individuals only, and that nothing will be accepted from health centers, clinics, doctor’s offices or other organizations.


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Target store to debut in East Peoria, Ill.

BY Allison Cerra

MINNEAPOLIS — Target is slated to open a new store in East Peoria, Ill., making it the first Target store in the city.

The 135,000-sq.-ft. store, which will be part of the 86-acre East Peoria Downtown development, will include a selection of fresh produce, fresh packaged meat and prepackaged baked goods, as well as a Starbucks and a Target pharmacy. The East Peoria Target will open in March 2013.

"Target is excited to open its first store in East Peoria," said Bryan Everett, Target SVP stores in the Midwest. "We are committed to being a good neighbor to the East Peoria and surrounding Illinois communities, and to developing long-lasting relationships with our guests."

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