Coke shares rise as major holder discloses plans

Stock in the world's largest beverage company rose $1.75, or 3.5 percent, to $51.35 Tuesday.

Atlanta-based SunTrust Banks Inc. said it sold 10 million shares in June and planned to put another 3.6 million in a charitable trust. The remaining 30 million shares were put into a structured transaction to be sold in seven years, according to Morgan Stanley analyst Bill Pecoriello.

"There has been concern from investors about buying ahead of a large share sale," Pecoriello wrote in a note to investors.

He said the announcement was a positive development for the share price. He maintained an "Overweight" rating on the stock.

Coca-Cola--which owns brands such as Dasani, Vitaminwater and Minute Maid--is based in Atlanta.