Shares of soft drink company Coca-Cola (NYSE: KO) were slammed last week as investors were spooked over news that the growing popularity of weight loss drugs could negatively impact sales of food and beverages. The rough week for the stock adds to an already challenging year, leaving shares down a total of about 17% in 2023. Making things even worse, this compares to a return of approximately 12% for the S&P 500 during this same period.
But this may be one of those times that famed investor Warren Buffett's advice to be greedy when others are fearful makes sense. Though Coca-Cola's stock price trend this year may paint a bleak picture, the business is actually doing quite well. Indeed, Coca-Cola used its second-quarter update in July as an opportunity to increase its full-year financial guidance, reflecting management's confidence in its business.
Here's a closer look at the stock and why investors might want to consider buying shares today.
Source Fool.com