04:24 PM EDT, 08/20/2024 (MT Newswires) -- Coca-Cola Consolidated ( COKE ) said Tuesday its board raised the company's quarterly dividend to $2.50 per share from $0.50 per share.

The dividend will be payable Nov. 8 to common stock and class B common stock shareholders as of Oct. 25, the company said.

The company also said its board has authorized a $1 billion share buyback program for its common shares.

The authorization to buy back the shares is at management's discretion regarding timing and amount, the company said.

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