Direct Answer
Coca-Cola (KO) has been listed on the New York Stock Exchange since 1919 and has never stopped paying dividends since 1893. The company has completed 11 stock splits, all 2-for-1, for a cumulative split factor of 2,048x; the most recent split was on August 13, 2012. Coca-Cola is a Dividend King with 62 consecutive years of dividend increases as of 2024, has been a Dow Jones Industrial Average component since 1932 (with a gap from 1935 to 1987), and is one of Berkshire Hathaway's largest and oldest equity holdings.
NYSE listing and history
Coca-Cola was first listed on the New York Stock Exchange in 1919, the year Asa Candler's family sold the company to an investor group led by Ernest Woodruff for approximately $25 million. The transaction valued Coca-Cola at a price that made the original IPO shares extraordinarily valuable in hindsight, given the 11 stock splits that followed over the next century. The company has traded under the ticker symbol KO and has been continuously listed on the NYSE for over 100 years.
The CIK number assigned by the SEC to The Coca-Cola Company is 0000021344, reflecting the company's long history as a public reporting entity.
| Listing Detail | Value |
|---|---|
| Exchange | New York Stock Exchange (NYSE) |
| Ticker | KO |
| First listed | 1919 |
| SEC CIK | 0000021344 |
| Continuous NYSE listing | Over 100 years |
| Dividends paid since | 1893 |
Stock split history
Coca-Cola has completed 11 stock splits over its public market history, all 2-for-1. The cumulative split factor is 2,048x (2 raised to the 11th power), meaning a single share held since before the first split in 1927 became 2,048 shares by 2012. The most recent split occurred on August 13, 2012. No additional split has been announced since then.
Because the original 1919 shares had an extraordinarily low cost basis after adjustment for all 11 splits, the long-term return on Coca-Cola stock purchased near its public listing is one of the most frequently cited examples of compounding in U.S. market history.
| # | Split Date | Ratio |
|---|---|---|
| 1 | April 6, 1927 | 2-for-1 |
| 2 | June 11, 1935 | 2-for-1 |
| 3 | January 4, 1960 | 2-for-1 |
| 4 | March 30, 1965 | 2-for-1 |
| 5 | July 13, 1968 | 2-for-1 |
| 6 | May 1, 1977 | 2-for-1 |
| 7 | June 16, 1986 | 2-for-1 |
| 8 | June 15, 1990 | 2-for-1 |
| 9 | May 1, 1992 | 2-for-1 |
| 10 | May 12, 1996 | 2-for-1 |
| 11 | August 13, 2012 | 2-for-1 |
Total cumulative factor: 2,048x (2^11). All 11 splits were 2-for-1. The 2012 split is the most recent; no split has occurred since.
Dividend history and Dividend King status
Coca-Cola has paid dividends continuously since 1893, predating its NYSE listing by 26 years. As of 2024, the company has increased its dividend for 62 consecutive years, qualifying it as a Dividend King. Dividend Kings are companies that have raised their dividend every year for at least 50 consecutive years; Coca-Cola is among the most tenured members of this group.
| Dividend Fact | Detail |
|---|---|
| Dividends paid since | 1893 |
| Consecutive annual increases | 62 years (as of 2024) |
| Dividend King status | Yes (50+ consecutive years of increases required) |
| FY2024 quarterly dividend | $0.485 per share |
| FY2024 annualized dividend | $1.94 per share |
| FY2024 total dividends paid | approximately $8.4 billion |
| Dividend yield (late 2024, ~$63/share) | approximately 3.1% |
The combination of a long dividend history, reliable annual increases, and a yield above 3% makes Coca-Cola a core holding for income-focused investors. The company's business model, built on high-volume recurring consumer purchases of beverages, generates stable free cash flow that supports consistent dividend growth through economic cycles.
Berkshire Hathaway ownership
Berkshire Hathaway, the conglomerate led by Warren Buffett, began purchasing Coca-Cola shares in 1988 and accumulated most of its position between 1988 and 1994. As of 2024, Berkshire owns approximately 9.3% of Coca-Cola's outstanding shares, making it one of Berkshire's largest equity holdings by market value and one of its oldest continuous positions.
Buffett has described the Coca-Cola investment as a prototypical example of a business with durable competitive advantages: global brand recognition, an extensive distribution network, and a product that generates repeat purchases at a low per-unit price. Berkshire has never reduced its Coca-Cola stake. The position now generates several hundred million dollars per year in dividends for Berkshire at the original cost basis, representing one of the highest yield-on-cost positions in institutional investing history.
| Berkshire Hathaway Ownership | Detail |
|---|---|
| Approximate stake | 9.3% of outstanding shares (as of 2024) |
| Initial purchases | 1988 |
| Primary accumulation period | 1988 to 1994 |
| Stake reductions since purchase | None |
| Ranking among Berkshire holdings | One of the largest by market value |
Dow Jones Industrial Average membership
Coca-Cola was added to the Dow Jones Industrial Average in 1932. It was briefly removed in 1935 but rejoined the index in 1987 and has been a continuous Dow component since then. This makes Coca-Cola one of the longest-tenured members of the Dow 30.
As a consumer staples company with a global brand, Coca-Cola represents the non-cyclical segment of the Dow. Its relatively stable earnings and dividend history make it a counterbalance to more cyclical industrial, technology, and financial components in the index. The Dow is a price-weighted index, meaning higher-priced stocks carry more influence per share on the index level; at Coca-Cola's typical share price range of $55 to $70, it has historically been a moderate-weight Dow component rather than a dominant one.
| Dow Membership Event | Date |
|---|---|
| First added to Dow | 1932 |
| Removed from Dow | 1935 |
| Rejoined Dow | 1987 |
| Continuous member since | 1987 |
Valuation context
Coca-Cola typically trades at a premium to the broad consumer staples sector, reflecting its Dividend King status, iconic global brand, and high demand from income-focused and defensive-oriented investors. As of late 2024, with a share price near $63 and approximately 4.3 billion shares outstanding, the market capitalization was approximately $272 billion.
| Valuation Metric | FY2024 Approximate |
|---|---|
| Market capitalization | approximately $272 billion (~$63/share, ~4.3B shares) |
| P/E ratio (GAAP) | approximately 26x |
| P/E ratio (comparable/adjusted) | approximately 22x |
| EV/EBITDA | approximately 22x |
| Dividend yield | approximately 3.1% |
| FY2024 share repurchases | approximately $1.3 billion |
The premium EV/EBITDA multiple relative to most consumer staples peers reflects Coca-Cola's consistent execution, brand strength in both developed and emerging markets, and the income-investor demand that Dividend King status creates. Unlike technology companies that receive growth-driven premiums, Coca-Cola's multiple is supported by income-investor flows and a flight-to-quality bid during periods of market stress.
The company prioritizes dividends over buybacks in its capital allocation. FY2024 share repurchases of approximately $1.3 billion were modest relative to the $8.4 billion in dividends paid the same year. This ratio reflects Coca-Cola's identity as an income stock: shareholders expect growing dividends, and the company allocates accordingly. The net share count has been relatively stable in recent years as a result.
More on The Coca-Cola Company
Frequently Asked Questions
When did Coca-Cola first list on the stock exchange?
Coca-Cola was first listed on the New York Stock Exchange in 1919, when the Candler family sold the company to an investor group led by Ernest Woodruff for approximately $25 million. The company has been continuously listed on the NYSE for over 100 years, trading under the ticker symbol KO.
How many times has Coca-Cola stock split?
Coca-Cola has split its stock 11 times, all 2-for-1, producing a cumulative split factor of 2,048x (2 to the power of 11). The most recent split occurred on August 13, 2012. Splits occurred in 1927, 1935, 1960, 1965, 1968, 1977, 1986, 1990, 1992, 1996, and 2012.
Is Coca-Cola a Dividend King?
Yes. Coca-Cola is one of the most established Dividend Kings, having increased its dividend for 62 consecutive years as of 2024. The company has paid dividends continuously since 1893. The FY2024 quarterly dividend was $0.485 per share, or $1.94 annualized, representing a yield of approximately 3.1% based on a share price near $63.
Does Warren Buffett own Coca-Cola stock?
Yes. Berkshire Hathaway, led by Warren Buffett, owns approximately 9.3% of Coca-Cola's outstanding shares. Berkshire began buying KO in 1988 and accumulated most of its position between 1988 and 1994. The Coca-Cola holding is one of Berkshire's largest and oldest equity investments and has never been reduced.
How long has Coca-Cola been in the Dow Jones Industrial Average?
Coca-Cola has been a member of the Dow Jones Industrial Average since 1932, with a brief exclusion from 1935 to 1987. It rejoined in 1987 and has been a continuous Dow component since then, making it one of the longest-tenured members of the index.