Options Activity Spikes for Coca-Cola Ahead of Earnings Report
Coca-Cola (NYSE: KO) is drawing heightened investor interest as it approaches its upcoming earnings announcement, with a notable surge in put option activity that could carry implications for the FMCG giant’s near-term outlook.
Recent data shows that 17,841 put contracts were traded on Tuesday alone—a more than 67% increase from the stock’s average daily put volume of 10,672 contracts. This elevated bearish positioning indicates a shift in sentiment among some institutional investors, with many betting on short-term downside risk ahead of earnings.
Despite the surge in protective positioning, analyst outlook on Coca-Cola remains positive. Notably, Barclays recently reiterated its confidence in the stock, giving it an “Overweight” rating and maintaining a $68.00 price target, positioning KO stock for strong upside from current levels. The consensus across 11 sell-side analysts supports a “Buy” recommendation, underlining broad-based confidence in the beverage leader’s fundamentals and long-term strategy.
Trading near $60.89 at market close on Tuesday, Coca-Cola has demonstrated modest resilience, up just under 2% year-to-date. Its performance has lagged some FMCG peers amid ongoing macroeconomic uncertainty, cost pressures, and evolving consumer preferences. The upcoming earnings report is viewed by many in the market as a critical moment to assess Coca-Cola’s pricing power, global demand trends, and margin trajectory in a persistently inflationary environment.
Institutional interest in the stock remains robust. Approximately 70.26% of equity is held by institutional investors, with Vanguard topping the list at over 351.7 million shares, followed by BlackRock with 281.3 million shares. This significant share of institutional ownership reflects continued long-term confidence, even as near-term volatility rises.
For FMCG professionals and market watchers, the spike in options activity serves as a key signal. It suggests that investors are bracing for potential surprises in Coca-Cola’s earnings, which may offer broader insights into shifting consumer behavior and the pricing dynamics facing major CPG brands globally.