Coca-Cola Consolidated (COKE) hikes dividend by 400%

Coca‑Cola Consolidated, Inc. (COKE) announced a massive new quarterly dividend of $2.50 per share, up from $0.50 per share. This enhanced dividend will be payable on November 8, 2024, to stockholders of record as of October 25, 2024, for both Common Stock and Class B Common Stock. This move will elevate COKE to the top of the list for the most significant dividend hikes of 2024.

Also, the Company’s Board has authorized a $1.0 billion share repurchase program for COKE Common Stock. Coca‑Cola Consolidated has now raised its dividend twice in the last two years, with a 100% increase in 2022. That actually was the first dividend hike since 1994 for COKE shareholders that had been receiving 25 cents quarterly for almost 30 years without a hike.

Chairman and Chief Executive Officer J. Frank Harrison, III, remarked, “As we’ve previously stated, the progress we’ve made in improving our profitability and strengthening our balance sheet allows us to reinvest in our business and our team while building long-term value for our stockholders. Our robust financial performance enables us to increase our quarterly dividend and establish a share repurchase program, reflecting our commitment to returning cash to our stockholders over time.

Coca-Cola Consolidated, Inc. manufactures and markets a wide range of nonalcoholic beverages, primarily featuring products from The Coca-Cola Company, as well as items from Keurig Dr Pepper Inc. and Monster Energy Company. Their product lineup includes sparkling beverages like Coca-Cola, energy drinks, and noncarbonated options such as bottled water, ready-to-drink tea and coffee, enhanced water, juices, and sports drinks. These products are distributed across various U.S. channels, including grocery stores, mass merchandise outlets, club stores, convenience stores, drug stores, and on-premise locations.