NEW YORK (AP) — Shareholders have approved The Coca-Cola Co.'s first stock split in 16 years.
The Atlanta-based company announced the two-for-one split in April, citing its expectation to double revenue over this decade.
The split increases the number of Coca-Cola shares to 11.2 billion from 5.6 billion. Shareholders will receive one additional share of stock in early August for each share held.
Companies split stocks when they think their share price has gotten too expensive or if the stock is trading too far above similar companies' stock. Stock splits can also help companies with liquidity because the stock price usually benefits from a bump immediately following the split.
Shares of Coca-Cola were up 17 cents at $78.15 in midmorning trading.