BURLINGTON,The board of directors at LabCorp has authorized a stock repurchase program under which the company may purchase up to an aggregate of $250 million of its common stock from time to time.

LabCorp says the purpose of the stock repurchase program is consistent with its goal of making “prudent” investments of the company’s cash resources.

Any purchases under LabCorp’s stock repurchase program may be made from time-to-time in the open market or in privately negotiated transactions and may be initiated and discontinued at any time, the company says.

Common stock acquired through the program will be available for general corporate purposes. There are currently no specific plans for the shares which may be purchased under the program.

As of Dec. 16, Burlington-based LabCorp (NYSE: LH) had approximately 148.9 million common shares outstanding, each priced at $34.98, giving it a market cap of $5.07 billion.

LabCorp: www.labcorp.com