Molina Healthcare Inc. on Thursday said that its board has authorized the repurchase of up to $50 million worth of the company's common stock.

The Long Beach Medicaid managed care provider said the repurchase program will run through the end of next year, and be funded by existing cash on hand. It replaces a $75 million repurchase program that the board adopted last February. The company did not say how many shares had been purchased under the old plan.

Shares closed up 21 cents, or less than 1 percent, to $36.33 on the New York Stock Exchange. The share price is up 41 percent since the beginning of the year.