KO has some growth?

We all know coke as the king of defencive investing because of its competitive edge and dividends. but what happens when the dividend yeild has been going down and PE has been rising. Is coke over valued or does the market expect growth from a company that already owns so much. yalls thoughts? I personally dont see KO being over bought as a growht play, i think people are scared of the market and have pushed Coke to highly over bought levels. Maybe seeing a divi of about 4% would be a more attractive price.