Second, UnitedHealth spent $5.5 billion to repurchase 22.4 million shares in 2019, which equals roughly $246 per share. In 2018, the board of directors authorized the company to purchase up to 100 million shares without any time constraints. UnitedHealth still has 72 million shares available under this program. Investors should be aware that this type of buying, while supportive to the stock, may artificially inflate the stock price and does not last indefinitely. In my view, UnitedHealth will continue to repurchase shares in 2020, although the $300-per-share stock price makes it far more expensive. UnitedHealth first started the repurchase program in 1997 and continues to update the program as needed.