Elevance Health (ELV) DIvidends Date & History

Key Takeaways

• Elevance Health (ELV) pays a quarterly dividend of $1.72 per share, or about $6.88 annualized, with a dividend yield near 1.7%.
• The company has increased its dividend for roughly 14 consecutive years, with a five-year compound annual growth rate (CAGR) of about 10%.
• The payout ratio is modest — roughly 23% to 30% of earnings — leaving significant room for future increases.
• ELV is better characterized as a dividend growth stock than a high-yield income stock.
• The most recent ex-dividend date was September 10, 2026, with payment on September 25, 2026.

Dividend Overview

Elevance Health, one of the largest health insurers in the United States and the leading licensee of Blue Cross Blue Shield branded coverage, maintains a disciplined and steadily growing dividend. The company pays a quarterly dividend of $1.72 per share, equating to roughly $6.88 per share on an annualized basis. Based on a recent share price in the high $300s, this produces a dividend yield of approximately 1.7%.

That yield places ELV firmly in the "modest yield, strong growth" category rather than the high-yield camp. While the current payout may not satisfy investors seeking immediate income, the company's consistent annual increases and conservative payout make it a textbook example of a dividend growth stock. The dividend is paid quarterly, aligning with the cadence followed by most large-cap U.S. healthcare and financial companies.

Dividend History and Growth

Elevance Health has built an impressive track record of returning capital to shareholders. The company has raised its dividend for roughly 14 consecutive years, a streak that underscores both management's commitment and the resilience of its underlying business. Over the past five years, the dividend has grown at a compound annual rate of approximately 10%, well above the rate of inflation.

Looking at recent history, the quarterly payout rose from $1.48 per share in 2023 to $1.63 in 2024, then to $1.71 in 2025, before reaching the current $1.72 in 2026. The company typically announces its annual increase in the first quarter, with modest incremental raises thereafter. This pattern of steady, predictable increases — rather than dramatic one-off jumps — reflects a long-term strategy of balancing shareholder returns with reinvestment in the business.

Dividend Sustainability and Payout Ratio

The most reassuring aspect of ELV's dividend is how easily it is covered. The company's payout ratio — the share of earnings paid out as dividends — has generally ranged between roughly 23% and 30% in recent quarters, well below levels that would raise concern. On a free cash flow (FCF) basis, the dividend consumes only about 23% of cash generated, leaving substantial cushion.

This conservative payout structure means Elevance Health retains the majority of its earnings to fund operations, service debt, pursue acquisitions, and support share repurchases — all while still having ample room to raise the dividend. Combined with a stable, recurring revenue base drawn from employer, individual, and government-sponsored health plans, the dividend appears highly sustainable under current conditions. The low payout also provides flexibility to keep raising the dividend even if earnings growth temporarily slows.

Dividend Compared to Industry Peers

Within the managed care and health insurance sector, ELV's dividend profile is solidly in the middle-to-upper range. Its yield of roughly 1.7% is higher than that of several major rivals. UnitedHealth Group (UNH) and Cigna (CI) each offer yields closer to 1.3% to 1.4%, while Humana (HUM) is similar. CVS Health (CVS) carries a notably higher yield above 4%, reflecting a different risk profile and slower growth trajectory.

Meanwhile, several peers, including Centene (CNC) and Molina Healthcare (MOH), do not pay a dividend at all. Against this backdrop, ELV stands out for combining a competitive yield with one of the stronger dividend growth records in the group.

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Is This Stock Attractive for Dividend Investors?

Elevance Health is most likely to appeal to dividend growth investors and long-term, total-return-oriented investors rather than those seeking high current income. The roughly 1.7% yield is modest by income standards, but the company's 14-year streak of increases and roughly 10% five-year dividend growth rate make it a compelling candidate for investors focused on compounding income over time.

The low payout ratio and strong free cash flow coverage also give conservative investors comfort that the dividend is not only safe but has room to keep growing. Investors who prioritize capital preservation and gradual income growth may find ELV's stability attractive, particularly given the defensive nature of healthcare demand. That said, income investors who need a higher immediate yield may find the payout insufficient, and should weigh it against higher-yielding but potentially slower-growing alternatives. As with any investment, the suitability of ELV depends on an individual's specific goals, time horizon, and risk tolerance.

Disclaimer

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