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CVS Health raises dividend by 10%, to lift implied yield to above 2.2%

CVS Health Corp. CVS, +1.59% said Friday it was raising its quarterly dividend to 10%, to 55 cents a share from 50 cents a share. The new dividend will be payable Feb. 1 to shareholders of record on Jan. 21. The drug store chain and health care services company’s stock rose 0.3% in morning trading. Based on the current stock prices, the new annual dividend rate implies a dividend yield of 2.25%, which compares with the yield for the SPDR Health Care Select Sector ETF XLV, +0.35% of 1.35% and the implied yield for the S&P 500 SPX, +0.95% of 1.31%. CVS’s stock has rallied 16.5% over the past three months, while the health care ETF has edged up 0.7% and the S&P 500 has tacked on 5.4%.

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