Beverage giant Coca-Cola has announced that it is raising its quarterly dividend payment to shareholders by 5.4%.
The Atlanta-based company said that, going forward, it will pay stockholders a quarterly dividend of $0.485 U.S. per share, up from $0.46 U.S. previously.
The dividend yield on Coca-Cola’s stock is now at 3.30% based on the new payout.
This marks 62 consecutive years that Coke has increased its dividend payment, making it one of a select group of companies that have boosted their payouts for 60 years or more.
Coca-Cola is known as a “dividend king,” which is a publicly traded company that has grown its dividend payment for 50 consecutive years or longer.
Coke’s archrival PepsiCo (PEP) has raised its dividend for 51 consecutive years. Pepsi’s dividend yield currently stands at 3.01%.
The stock of Coca-Cola is flat (up 0.30%) over the last 12 months and trading at $59.40 U.S. per share.
