The first-quarter earnings season has reached a crescendo. Among companies that reported recently are a handful of dividend-paying businesses that offer dividend yields above 4% at recent prices.

Some investors are interested in stable, predictable cash flows, while others insist on rapid dividend growth. Read on to see how these stocks have a little something for everyone.

CVS Health

Shares of CVS Health (NYSE: CVS) recently tanked about 16% after the company issued a downward guidance revision. At its recently beaten-down price, the stock offers a 4.7% dividend yield and a very good chance to receive heaps more down the road.

CVS Health's dividend has exploded 142% higher over the past 10 years. and it's in a better position to generate steadily growing profits now than it was a decade ago. In addition to the retail pharmacy chain we're all familiar with, CVS Health owns America's largest pharmacy benefits management business. It also owns Aetna, a leading health insurance benefits management business.

CVS Health's vertically integrated business means it can directly provide many of the benefits it's also paid to manage. In recent years, CVS Health has integrated further by acquiring physician groups such as Signify Health and Oak Street Health.

Higher-than-expected medical usage trends raised CVS Health's outgoing expenses in the first quarter. The company is also factoring in changes to the Medicare Advantage rating system that will lower incoming payments from the government.

CVS Health is a buy on the dip because the issues pressuring earnings this year are temporary. Fortunately, its relatively unique position at the crossroads of primary care, pharmacy services, and benefits management is a durable advantage that will most likely allow it to continue raising its dividend payout at a rapid pace for another decade.

Ares Capital

Ares Capital (NASDAQ: ARCC) is America's largest business development company (BDC). These tax-advantaged entities are popular among income-seeking investors because they must distribute at least 90% of their profits to investors as a dividend.

At recent prices, Ares Capital offers an eye-popping 9.2% yield. The dividend payout hasn't grown in a straight line, but it is up by 20% over the past three years.

BDCs exist because big American banks generally aren't willing to lend to middle-market businesses, regardless of their ability to generate cash and pay their bills. As a result, Ares Capital can charge well-managed businesses interest rates for secured loans that are often higher than the rates individuals receive for unsecured loans. In the first quarter, Ares reported an average yield of 12.4% on its debt-related securities.