As the healthcare industry absorbed enormous amounts of profits during the Covid-19 pandemic, many healthcare companies will be increasing shareholder distributions to entice investors to buy their stock.

With the S&P 500 down roughly 13% year-to-date and the average dividend yield in the healthcare industry at 1.58%, there are many opportunities out there for dividend investors to mitigate the impact of the bear market on their portfolio, according to Dividend.com.

High Dividend Yield Stock #1: Viatris Inc (NASDAQ:VTRS)

Viatris is offering an annual dividend yield of 4.97% or $0.48 per share, which is not particularly common as they have only raised dividends once in the past year. Viatris paid down $840 million dollars in debt and is on track to reducing $2 billion dollars in debt to maintain its investment grade rating for 2022.

Viatris is a worldwide healthcare company operating in developed markets, greater China, JANZ, and emerging markets offering prescription based drugs, generic drugs, biosimilars, and active pharmaceutical ingredients.

High Dividend Yield Stock #2: Gilead Sciences Inc (NASDAQ:GILD)

Gilead Sciences is offering an annual dividend yield of 4.89% or $2.92 per share, and has a track record of raising its dividends over the past 7 years. In the first quarter of 2022, Biktarvy sales increased 18% year-over-year to $2.2 billion and Oncology sales increased 60% year-over-year to $420 million.

Gilead is a biopharmaceutical company that discovers, develops, and commercializes medicines in the U.S. and internationally, providing treatments for HIV/AIDS and Covid-19.

High Dividend Yield Stock #3: Abbvie Inc (NYSE:ABBV)

Abbvie is offering an annual dividend yield of 4.02% or $5.64 per share, and has a track record of raising its dividends over the past 50 years. Global Humira net revenues of $5.363 billion increased 5.8%, global Skyrizi net revenues were $1.252 billion, an increase of 85.9%, global Rinvoq net revenues were $592 million, an increase of 56.3%.

Abbvie discovers, manufactures and sells pharmaceuticals and advanced therapies worldwide, offering drugs such as Humira, Skyrizi and Rinvoq.

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High Dividend Yield Stock #4: Cardinal Health Inc (NYSE:CAH)

Cardinal Health is offering an annual dividend yield of 3.3% or $1.98 per share, and has a track record of raising its dividends over the past 36 years. Cardinal reported third quarter fiscal year 2022 revenues of $44.8 billion dollars, an increase of 14% from the third quarter of last year, although posting a loss of $97 million dollars due to a pre-tax goodwill impairment.

Cardinal Health operates in the U.S. and internationally as an integrated healthcare services and products company, providing customized solutions for hospitals, healthcare systems, pharmacies, surgery centers, laboratories, and patients as well as specialty, branded, and generic pharmaceuticals.

High Dividend Yield Stock #5: CVS Health Corp (NYSE:CVS)

CVS provides health services in the U.S. operating in the health care benefits, pharmacy services, and specialty retail segments with approximately 9,000 retail locations.