This question got me researching. I was quite unhappy when KO decided to go into the bottling business; this is going to affect it profitability. Try this:
do a graph comparing PEP and KO for 5 years and or 10 years. You may think, as many do, that over the short term the share price does not reflect the true value of the stock, but over the long term it can be a fairly reliable prognosticator.
now add the line for the S&P 500 index , or symbol SPY or symbol VOO.
AHA! neither PEP nor KO outpaces the 500 index and is more volatile.
End result - After some meditation, I sold my KO stock of 8 years and bought VXF, Vanguard Extended Market Index to complement the VOO that I already own..