CVS Health Dividend Offers 1.8% Yield

CVS Health Corporation CVS revealed that its board has approved a quarterly dividend of $0.425 per share. For the full year, the dividend worked out to $1.70 a share. The dividend offered a yield of 1.8 percent, which was better than the five-year average dividend yield of 1.3 percent.

The company indicated it fixed July 21 as the record date and that the dividend would be paid on August 1 to all the eligible shareholders.

CVS Health's dividend payout ratio is about 34 percent, which was higher than the five-year average payout ratio of 26.0 percent. The company has been increasing its dividend rate in the last 12 straight years. As a result, its five-year dividend growth rate was 29.6 percent and that the three-year average growth pace was 26 percent.

Shares of the company advanced 0.92 percent on Wednesday.