Shares of Health Net Inc. rose early Wednesday after directors allotted $323 million to the company’s stock repurchase program.

In May, the Woodland Hills health insurance carrier announced a $300 million repurchase plan. As of Dec. 31, the money left for buying stock had declined to $76 million.

With the new authorization, the company said it now has more than $400 million in repurchase funding available. The announcement was made after the close of the stock market on Tuesday.

By late morning Wednesday, Health Net’s share price had increased 67 cents or 2 percent to $39.23 on the Nasdaq.