Dividend Contenders List: Top 20 Stocks

16. UnitedHealth Group Incorporated (NYSE:UNH)

Dividend Yield as of January 22: 2.54%

On January 21, Baird analyst Michael Ha said UnitedHealth Group Incorporated (NYSE:UNH)’s decision to rebate profits from its Affordable Care Act business back to customers this year could be a “potentially masterful move.” In a note to investors, Ha explained that the ACA exchange business is not a meaningful earnings driver for UnitedHealth, so returning those profits is not expected to have a material impact on UNH’s 2026 results.

Baird’s view is that the bigger impact could be strategic. If UnitedHealth’s announcement encourages the government to push broader profit rebate rules for health exchange plans, the analyst believes this could act as a “masterful chess move” by putting pressure on competitors that depend far more heavily on ACA exchange profitability in 2026. Baird specifically pointed to potential risk for Centene (CNC), Molina Healthcare (MOH), and Oscar Health (OSCR) if regulators adopt some form of rebate requirement or clawback mechanism.

UnitedHealth said it will provide rebates to its Obamacare plan members in 2026, according to prepared testimony from CEO Stephen Hemsley released on January 21. A company spokesperson added that UnitedHealth is working with the Trump administration on the details of how the rebates will be structured.

The testimony was published by the House health subcommittee ahead of a hearing where executives from rival insurers, including Cigna Group, CVS Health, and Elevance, are scheduled to speak.

For the 2026 plan year, UnitedHealthcare is offering ACA marketplace plans in 30 states. The company has also signaled it expects ACA enrollment to decline sharply, with management previously estimating enrollment could fall by about two-thirds.

UnitedHealth Group Incorporated (NYSE:UNH) is a large, diversified global healthcare company with two main segments. UnitedHealthcare provides health insurance coverage and benefits, while Optum focuses on technology-driven health services, pharmacy benefits, and care delivery.