Has Coca-Cola Stock Become A Different Bet?

Coca-Cola (KO) stock is priced at 26.0 times earnings, against 21.5 for the S&P 500. Shareholders paying that premium need to know what they are buying, and that has changed. In October 2024, on its fiscal Q3 2024 call, management was talking about steep price increases in a handful of markets with high inflation. Now it leads with something else. So what is it.