Elevance Health

Management prioritizes reinvestment in services (CarelonRx, Carelon Services), tuck‑ins (CareBridge), and primary care enablement (Mosaic Health) to support the benefits/services flywheel, while returning capital via buybacks and a growing dividend. 2024 cash dividends rose to $1.71 per quarter in 2025; share repurchases totaled about $2.1B YTD through Q3 2025 with shares outstanding falling from 227.5M at year‑end 2024 to roughly 222.0M by Q3 2025. Stock‑based compensation is modest relative to cash returns.

Track record on large M&A is prudent; current deals are programmatic and strategically aligned.