Protection Purchased on Coca Cola (KO)

Shares of Coca Cola Co. KO are lower on the session by 0.89%, currently trading at $51.34. The stock has been drifting lower and lower over the past six months and is trading below both the 50-day and 200-day moving averages. Options traders are picking up some protection on shares today. The July $50 put was purchased, on the offer, 2,500 times; open interest on the strike is 6,178 contracts. The August $45 and $42.50 strikes have each traded 1,000 times as well; volume did not exceed open interest on either strike. The Coca-Cola Company is the owner and marketer of nonalcoholic beverage brands. It also manufactures, distributes and markets concentrates and syrups used to produce nonalcoholic beverages. The company owns, licenses, and markets more than 500 nonalcoholic beverage brands, primarily sparkling beverages but also a variety of still beverages, such as waters, enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, and energy and sports drinks.