WellPoint to Buy Back Up to 5 Million Shares

WellPoint Health Networks in Thousand Oaks, whose shares have slipped 46% from a June high, said it will buy back up to 5 million more of its common shares.

The move brings to more than 12 million shares that WellPoint can buy back under an existing program. The shares hit a 52-week high of $97 June 18 and have seen a steady decline since then.

The company and other insurers are battling bills in Congress that would weaken insurer restrictions on patient access to doctors.

WellPoint’s board also said it could buy back some or all of its Zero Coupon Convertible Subordinated Debentures. About $299 million of the debentures were issued in July.

WellPoint has 63.6 million shares outstanding.