Summary by Moomoo AI
Coca-Cola Consolidated announced a significant increase in its quarterly dividend to $2.50 per share from $0.50 per share, representing a 400% increase. The enhanced dividend will be paid on November 8, 2024, to stockholders of record as of October 25, 2024.The company's Board of Directors also approved a new $1 billion share repurchase program for its Common Stock. The repurchases will be executed through open market or private transactions, with timing and volume depending on market conditions. The authorization has no expiration date.CEO J. Frank Harrison III attributed these shareholder-friendly moves to the company's improved profitability and strengthened balance sheet. As the largest Coca-Cola bottler in the United States, the company serves approximately 60 million consumers across 14 states and the District of Columbia, distributing over 300 beverage brands.
