Shares of Universal Health Services (UHS) - Get Universal Health Services, Inc. Class B Report were still rising a day after the company reported second-quarter adjusted earnings that beat analysts' expectations.
The stock had been on pace to hit an all-time high Friday morning. But by midday it gave back some of those gains and finished up 11% at $151.89.
After the close on Thursday, the King of Prussia, Pa., health-care management company reported second-quarter adjusted earnings of $2.76 a share vs. the consensus estimate of $2.50, according to FactSet. Revenue was $2.86 billion vs. the $2.81 billion FactSet consensus.
The board approved a $1 billion increase to its stock-repurchase program and it doubled the quarterly dividend to 20 cents a share.
The company said it would pay $127 million to settle with the Justice Department's Civil Division investigating its behavioral health-care facilities on behalf of various states' attorneys general.
All investigations by the DoJ's Criminal Frauds Section in connection with these matters have been closed, the company said it was advised.
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