Coca-Cola Consolidated, Inc. (NASDAQ: COKE) has announced a significant increase in its quarterly dividend, which has risen to $2.50 per share from $0.50 per share. The increased dividend will be payable on November 8, 2024, to common stock and class B common stock stockholders of record as of October 25, 2024. This marks a substantial fivefold increase in the dividend payout.
Moreover, the company's board of directors has also approved a $1.0 billion share repurchase program for the company's common stock. This authorization allows for the repurchase of shares at management's discretion with respect to the timing and amount of the repurchases.
J. Frank Harrison, III, chairman and chief executive officer of Coca-Cola Consolidated, stated, "Our strong financial performance supports increasing our quarterly dividend and establishing a share repurchase program, which aligns with our commitment to return cash to our stockholders over time."
Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, serving over 60 million consumers across 14 states and the District of Columbia with a diverse portfolio of more than 300 brands and flavors.
This announcement reflects the company's confidence in its financial position and its commitment to delivering value to its shareholders through both increased dividends and a significant share repurchase program. The market has reacted to these announcements by moving the company's shares -0.5% to a price of $1267.97. If you want to know more, read the company's complete 8-K report here.
