Elevance Health (ELV) DIvidends Date & History

Key Takeaways

• Modest yield: ELV currently offers a dividend yield of roughly 1.7%, in line with large managed-care peers.
• Quarterly payout: The company pays a quarterly dividend of $1.72 per share, or about $6.88 per share annually.
• Reliable grower: Elevance Health has raised its dividend for roughly 14–15 consecutive years, with a five-year annualized growth rate near 10–12%.
• Strong coverage: A payout ratio of about 29–30% of earnings leaves ample room for future increases and financial flexibility.
• Cash-flow friendly: Dividend payments consume only a low-teens-to-low-20s share of operating cash flow, supporting sustainability.
• Investor fit: The stock is best suited to dividend growth and long-term investors rather than high-yield income seekers.

Dividend Overview

Elevance Health, Inc. is one of the largest health benefits companies in the United States, operating through brands such as Anthem Blue Cross and Blue Shield. It is not a high-yield income stock; instead, it fits squarely in the dividend growth category. As of late 2026, ELV pays a quarterly dividend of $1.72 per share, which works out to an annualized payout of roughly $6.88 per share and a dividend yield of about 1.7%. Dividends are distributed on a quarterly schedule, typically declared in January, April, July, and October with payments following in March, June, September, and December. For example, the most recent quarterly dividend had an ex-dividend date of September 10, 2026, and was payable on September 25, 2026. The modest yield is offset by a long history of consistent, compounding increases, making the company appealing to investors who prioritize growing income over immediate cash flow.

Dividend History and Growth

Elevance Health has built a disciplined track record of dividend increases, raising its payout for roughly 14–15 consecutive years. The dividend has grown substantially over the past decade, climbing from $0.25 per share in 2011 to $1.72 per share today. Recent increases have been meaningful but uneven in size. The company lifted its quarterly dividend by about 10% in 2024, from $1.48 to $1.63 per share, and again in 2025 to $1.71. The most recent adjustment, effective in early 2026, raised the payment to $1.72 per share, a smaller incremental increase. Over the last five years, the dividend has compounded at an annualized rate of roughly 10–12.5%, comfortably outpacing inflation. This pattern of steady, predictable growth reflects a long-term commitment to returning capital to shareholders while preserving flexibility to invest in the business.

Dividend Sustainability and Payout Ratio

The dividend appears highly sustainable. ELV pays out only about 29–30% of its trailing earnings as dividends, a conservative level that leaves significant headroom for future increases even if profitability fluctuates. Cash-flow coverage is equally reassuring, with dividends consuming a low-teens-to-low-20s percentage of operating cash flow depending on the measurement period. This means the company can fund its dividend without straining its balance sheet or sacrificing reinvestment. Elevance Health also maintains a solid financial position typical of large managed-care organizations, with steady premium revenue and substantial free cash flow generation. The combination of a low payout ratio, strong cash generation, and a diversified healthcare business model suggests the dividend is well protected against earnings volatility and likely to keep growing.

Dividend Compared to Industry Peers

Within the managed-care and health insurance sector, ELV sits in the middle of the pack on yield. Its roughly 1.7% dividend yield is broadly comparable to UNH, the largest U.S. health insurer, which yields roughly 1.4–1.5%, and it is above HUM, which yields under 1%. It trails CI at around 2.2% and lags diversified healthcare names such as CVS, which carries a materially higher yield. Meanwhile, competitors like CNC and MOH pay no dividend at all. What distinguishes Elevance is the combination of a dependable yield with a long streak of above-average dividend growth, a profile that compares favorably to many peers that either offer higher income with slower growth or no dividend at all.

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Is This Stock Attractive for Dividend Investors?

Elevance Health is best suited to dividend growth investors and long-term, total-return-oriented investors rather than those seeking immediate high income. The roughly 1.7% yield is modest, so pure income investors may find the current payout insufficient. However, the stock's appeal lies in its consistency: a decade-and-a-half of consecutive dividend increases, a low payout ratio, and a five-year dividend growth rate in the low double digits all point to a dividend that has room to keep compounding. Conservative and long-term investors may value the stability of a large, diversified healthcare business with predictable cash flows. Growth-oriented dividend investors could also appreciate the balance between reinvestment and shareholder returns. Investors with shorter horizons or those requiring substantial current income may find more suitable alternatives in higher-yielding sectors, since Elevance prioritizes steady, compounding payout growth over maximizing the present yield.

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