By Sabela Ojea

Coca-Cola is increasing its quarterly dividend by 5.4% to 48.5 cents.

The beverage giant on Thursday said that its board of directors approved raising its quarterly payout to shareholders to 48.5 cents from 46 cents a share previously.

The new payout, equal to $1.94 annually, represents a yield of 3.3%, based on the company's Wednesday closing price of $59.29.

The first-quarter dividend will be paid on April 1 to shareholders of record as of March 15.

Write to Sabela Ojea at; @sabelaojeaguix

(END) Dow Jones Newswires

02-15-24 1439ET