The split reflects the board's confidence in the long-term growth and financial performance of the company, according to Chief Executive Muhtar Kent.
A stock split reflects our desire to share value with an ever-growing number of people and organizations around the world, Kent said in a statement.
The split, which would double the number of outstanding shares to 11.2 billion, is subject to approval by shareholders. They will vote on it at a special meeting planned for July 10.
If approved, the new shares would be distributed on or around August 10, Coke said.
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This would be the 11th split in the stock's 92-year history. One share of stock purchased for $40 in 1919 would be worth about $9.8 million today, with all dividends reinvested annually, the company said.
In early New York Stock Exchange trading, Coca-Cola shares rose 0.5 percent to $74.49.
(Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick)