You might be a regular customer of Coca-Cola (KO 0.46%), but are you a shareholder as well? If so, you know at least one of the several reasons to own it. If not, here's a rundown of the top four reasons (in no particular order) you might want to become a shareholder sooner rather than later. 

1. Its dividend pedigree is second to none

The stock's forward-looking dividend yield of 3.2% is respectable but far from jaw-dropping. You can certainly find higher-yielding stocks.

Look beyond the current yield, though. Coca-Cola has paid dividends like clockwork for decades and has raised its payment every year for the past 61 years. And it looks like there's no end in sight for these increases.

These aren't pittance improvements, either. The dividend is about twice as big as it was in 2015, and four times what it was 15 years ago. That growth has easily outpaced inflation during that time.

2. The business model is brilliant

The healthy dividend only matters if it can be sustained, and that's not apt to be a problem for this company. It's been built and then rebuilt to generate cash in all environments.

As a consumer, you might see Coca-Cola as a beverage company. It's not exactly the bottling company it appears to be, though, but actually a licensor of brand names and flavors, collecting royalties on the products that bottlers manufacture and then sell through distribution channels.

The company's role is largely one of marketing and advertising its products. This translates into less revenue, but ultimately a bigger bottom line because the royalty business has much higher margins than bottling.

It's also more consistent and predictable revenue since the bottlers take on most of the risk and burden of rising costs, as we've seen since 2022.

3. Its brands (and branding) are powerful

And the company is very, very good at marketing -- so good that describing Coca-Cola's advertising efforts as mere marketing doesn't do them justice. The company is also incredible at branding, which is more about making its beverages part of a lifestyle than simply prompting the purchase of some drinks.

Consider this: It's been more than 50 years since it first aired, but consumers who were around at the time still remember the I'd Like to Teach the World to Sing jingle written specifically for a series of Coca-Cola television commercials.

And the company isn't just its namesake cola. It has a wide array of beverage brands in its lineup, including Fresca, Gold Peak tea, Minute Maid juice, Dasani water, and Powerade sports drinks to name a few. While none of them are as big as the Coca-Cola line itself, the company is certainly creating similar success with these other drinks using similar promotional approaches.

As a bonus, the company's wide range of products not only gives its salespeople leverage with retailers, but also gives the company something to promote to a wider range of consumers who are increasingly steering away from sugary sodas.

4. The stock is relatively cheap right now

Last but not least, consider adding a stake in Coca-Cola soon because the stock is relatively cheap right now.

It's priced at more than 20 times its trailing and projected per-share profits, so not every investor will agree with this argument. But the stock is persistently priced at such a valuation, and the market's willing to support this premium because veteran investors know they must pay up for quality. It's well worth it, in fact.

Indeed, it may be more than worth it right now. Despite Coca-Cola's continued revenue and earnings growth during this time, the stock is trading right where it was in early 2020 when the pandemic took hold of the world; since then, investors have favored growth stocks over value stocks like Coca-Cola.

With the economy changing now, however, the backdrop is evolving in a way that could favor value over growth again for a while. Don't be surprised to see this particular ticker finally break its dry spell and get moving again in 2024.