By midafternoon, shares had added 4.3% to $43.27.
In a filing with the SEC, the online health service said by the close of business March 20, around $51 million was available under the repurchase program, including the additional $40 million.
"Under the Repurchase Program, WebMD may repurchase shares from time to time in the open market, through block trades or in private transactions, depending on market conditions and other factors," the company said in the filing.
During the first quarter ending March, the company has repurchased around 1.4 million of common stock for an aggregate purchase price of approximately $58.7 million.
As of Thursday, New York-based WebMD had around 39.7 million shares outstanding.
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TheStreet Ratings team rates WEBMD HEALTH CORP as a Hold with a ratings score of C. The team has this to say about their recommendation:
"We rate WEBMD HEALTH CORP (WBMD) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and revenue growth. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good."