CHARLOTTE, N.C. - Coca-Cola (NYSE:KO) Consolidated, Inc. (NASDAQ: COKE), the largest Coca-Cola bottler in the United States, has declared a quarterly dividend of $0.50 per share. The dividend is payable on August 9, 2024, to shareholders of record at the close of business on July 26, 2024.
This dividend announcement follows Coca-Cola Consolidated's long-standing practice of returning value to its shareholders. The company has a history spanning over 122 years and serves a significant consumer base across 14 states and the District of Columbia. With a broad portfolio of more than 300 brands and flavors, the company reaches approximately 60 million consumers.
Coca-Cola Consolidated has been committed to its purpose of honoring God, serving others, pursuing excellence, and growing profitably. The company's dedication to the communities it serves and its extensive beverage offerings have been central to its operations.
The payment of dividends is a common way for companies to distribute profits back to shareholders, and Coca-Cola Consolidated's consistent dividend reflects its financial health and commitment to its investors.
Shareholders can expect to receive the dividend in early August, which is a continuation of the company's policy to provide regular quarterly dividends. The declaration of dividends, however, is subject to final approval by the company's Board of Directors each quarter.
Investors and shareholders of Coca-Cola Consolidated can view this dividend as a testament to the company's stability and enduring strategy to maintain a steady flow of returns. The company's stock is publicly traded on The Nasdaq Global Select Market under the ticker symbol COKE.
This information is based on a press release statement from Coca-Cola Consolidated, Inc. The company, headquartered in Charlotte, N.C., remains a key player in the beverage industry and a significant distributor of Coca-Cola products.
In other recent news, Coca-Cola Consolidated has made significant strides in financial management. The company announced the end of its $1.3 billion term loan facilities, including a $800 million three-year term loan and a $500 million five-year term loan. This decision reduces the company's aggregate commitments from $1.3 billion to zero.
Coca-Cola Consolidated also launched a modified Dutch auction tender offer to repurchase up to $2.0 billion of its common stock. The buyback is contingent on the company securing at least $2.5 billion in gross proceeds from new term loan facilities and/or note offerings.
In addition, the company declared a quarterly dividend of $0.50 per share for the second quarter of 2024. These recent developments reflect Coca-Cola Consolidated's ongoing efforts to manage its capital structure and return value to its shareholders.
Lastly, Wells Fargo Bank, National Association, served as the administrative agent for the terminated loan facilities, and Rothschild & Co is serving as an advisor for the stock buyback transaction. These are some of the recent developments that have occurred at Coca-Cola Consolidated.
InvestingPro Insights
Coca-Cola Consolidated, Inc. (NASDAQ: COKE) has once again demonstrated its commitment to shareholders by declaring a consistent quarterly dividend, highlighting its financial stability and prudent capital management. For those interested in the company's investment profile, InvestingPro provides deeper insights into the financial metrics and trends that may influence investor decisions.
With a market capitalization of $9.45 billion, Coca-Cola Consolidated trades at a P/E ratio of 22.34, which is considered high relative to near-term earnings growth. This might suggest that investors are paying a premium for the stock based on its current earnings. However, it's notable that the company has been able to maintain dividend payments for an impressive 53 consecutive years, underscoring its long-term commitment to returning value to its shareholders.
Looking at the company's performance, Coca-Cola Consolidated has achieved a strong return over the last year, with a 79.47% one-year price total return. This impressive return reflects the company's robust operations and market position. Moreover, a dividend yield of 1.71%, investors are rewarded while potentially waiting for further capital appreciation.
Investors evaluating the company's financial health will find reassurance in the fact that Coca-Cola Consolidated's liquid assets exceed its short-term obligations, indicating a solid liquidity position. Furthermore, the company operates with a moderate level of debt, which is a positive sign for risk-averse investors who prioritize stability and financial prudence.
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