KO is buying back about 2% of their shares each year through their share repurchase program so our share ownership does go up every year. There's no hurry in adding more because compared to alternative investments there are better deals available elsewhere such as LO, SYA, IBM and WFC three of which are owned by BRK.
KO earnings, free cash flow and dividends are only growing at about 8% per year over the last 10 years. That means our earnings and dividends will double about every 9 years. When you consider that they pay out 50% of earnings in the form of a dividend the growth rate is acceptable but at 19 times earnings it's certainly not a bargain
I'm currently long the stock but short call options priced between 42-46. I'm also short put options that require me to buy more if it drops under 35 which in my opinion would make it a reasonable investment for long term investors.