HARTFORD, Conn. (AP) — Aetna Inc. said Friday that its board authorized it to repurchase $750 million of its common stock.

The Hartford, Conn.-based health insurer noted that it still has $248 million in stock buybacks remaining under a previous repurchase authorization.

Stock buybacks indicate companies have enough cash to take their shares off the market, which increases the value of investors’ remaining shares, and boosts per-share earnings results.

Shares of Aetna were up $1.38, or 4 percent, at $36.68 in late trading