Coca-Cola (NYSE: KO) shares are up about 35% this year as of midday trading on Nov. 3, beating the S&P 500's (SNPINDEX: ^GSPC) roughly 11% gain. Even at this valuation, the best reason to hold it for the next decade hasn't changed: Coca-Cola can raise prices without losing customers. That's rare in consumer goods, where shoppers often trade down when prices rise. Last quarter, Coca-Cola's price increases added about four percentage points to sales growth, yet unit case volume still grew 5% year over year. Over the past 50 years, Coca-Cola's annual volume has declined only once, during the pandemic, and research firm Kantar ranked Coca-Cola the world's most valuable food and beverage brand. Management's long-term plan is to balance unit volume growth with price increases. Over a decade, that steady combination can compound earnings and dividends.
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