Millennium Management LLC boosted its stake in Yum! Brands, Inc. (NYSE:YUM) by 447.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,404,786 shares of the restaurant operator’s stock after acquiring an additional 1,148,364 shares during the period. Millennium Management LLC owned 0.44% of Yum! Brands worth $109,882,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in YUM. Signaturefd LLC bought a new stake in Yum! Brands in the first quarter valued at approximately $145,000. Cerebellum GP LLC bought a new stake in Yum! Brands in the second quarter valued at approximately $172,000. Bruderman Asset Management LLC bought a new stake in Yum! Brands in the first quarter valued at approximately $176,000. Summit Trail Advisors LLC boosted its holdings in Yum! Brands by 8,198.7% in the first quarter. Summit Trail Advisors LLC now owns 191,782 shares of the restaurant operator’s stock valued at $192,000 after acquiring an additional 189,471 shares during the last quarter. Finally, Gables Capital Management Inc. bought a new stake in Yum! Brands in the first quarter valued at approximately $196,000. Institutional investors and hedge funds own 71.41% of the company’s stock.
Shares of YUM opened at $90.64 on Tuesday. Yum! Brands, Inc. has a 52-week low of $74.18 and a 52-week high of $91.27. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of -1.33. The company has a market capitalization of $28.85 billion, a price-to-earnings ratio of 30.58, a price-to-earnings-growth ratio of 2.04 and a beta of 0.86.
Yum! Brands declared that its Board of Directors has authorized a share repurchase program on Friday, August 10th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the restaurant operator to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, VP David Eric Russell sold 7,340 shares of the company’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $90.00, for a total transaction of $660,600.00. Following the transaction, the vice president now directly owns 25,960 shares of the company’s stock, valued at $2,336,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David W. Gibbs sold 6,369 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $87.83, for a total value of $559,389.27. Following the transaction, the chief financial officer now directly owns 47,701 shares in the company, valued at $4,189,578.83. The disclosure for this sale can be found here. 0.63% of the stock is owned by corporate insiders.
YUM has been the topic of several analyst reports. BTIG Research upgraded Yum! Brands from a “neutral” rating to a “buy” rating in a report on Wednesday, June 27th. They noted that the move was a valuation call. UBS Group set a $99.00 target price on Yum! Brands and gave the company a “buy” rating in a report on Monday, September 10th. ValuEngine upgraded Yum! Brands from a “hold” rating to a “buy” rating in a report on Friday, September 7th. BMO Capital Markets reissued a “hold” rating and issued a $88.00 price target on shares of Yum! Brands in a research note on Friday, August 3rd. Finally, Citigroup boosted their price target on Yum! Brands from $80.00 to $87.00 and gave the company a “neutral” rating in a research note on Tuesday, June 19th. Twelve equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $87.19.
Yum! Brands Profile
YUM! Brands, Inc, together with its subsidiaries, develops, operates, and franchises quick service restaurants worldwide. It operates in three segments: the KFC Division, the Pizza Hut Division, and the Taco Bell Division. The company operates restaurants under the KFC, Pizza Hut, and Taco Bell brands, which specialize in chicken, pizza, and Mexican-style food categories.
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