News Analysis Coca-Cola Co. shares have lagged the S&P 500 in 2021, generating a year-to-date total return of just 4.6 percent. Coca-Cola has struggled to keep up with the overall market for more than a decade now. At this point, investors may be wondering if there’s any value left in Coca-Cola shares. Earnings A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is at about 28.7, nearly double its long-term average of 15.9. Coca-Cola’s PE is 30, slightly above the S&P 500 average as a whole. Coca-Cola’s PE ratio is also up 17 percent over the past five years, suggesting the stock is priced at the high end of its historical valuation range. Growth Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks …