Health insurer UnitedHealth Group Inc. will raise the quarterly dividend it pays shareholders by more than 30 percent due in part to strong growth across its businesses. It also authorized a stock buyback.

The largest U.S. health insurer said Wednesday that its board authorized a quarterly payout of 21.25 cents per share on June 22 to shareholders of record as of June 15. That’s up from the previous dividend of 16.25 cents per share.

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