Maybe KO is viewed as a safe-haven. Maybe KO will keep going sideways, even when the market rallies? (even if it takes some years?).
Warren Buffett is "working" a 200-million share order above the market. You'll get KO'ed if you stand in the way of it.
I have not regarded pe's since 1998 but like macd, stochastic or ma's it's good to know what others are thinking. I've been in and out of KO so many times over the years--she's like an old whore, but the sex is good.