Royal London Asset Management Ltd. Acquires Shares of 142,754 Yum! Brands, Inc. (YUM)
Royal London Asset Management Ltd. acquired a new position in shares of Yum! Brands, Inc. (NYSE:YUM) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 142,754 shares of the restaurant operator’s stock, valued at approximately $11,170,000.
A number of other hedge funds also recently modified their holdings of YUM. Millennium Management LLC lifted its position in Yum! Brands by 447.8% during the second quarter. Millennium Management LLC now owns 1,404,786 shares of the restaurant operator’s stock worth $109,882,000 after acquiring an additional 1,148,364 shares during the last quarter. Alps Advisors Inc. lifted its position in Yum! Brands by 35,520.9% during the second quarter. Alps Advisors Inc. now owns 920,088 shares of the restaurant operator’s stock worth $75,097,000 after acquiring an additional 917,505 shares during the last quarter. BlackRock Inc. lifted its position in Yum! Brands by 3.8% during the second quarter. BlackRock Inc. now owns 21,758,890 shares of the restaurant operator’s stock worth $1,701,978,000 after acquiring an additional 802,066 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Yum! Brands during the second quarter worth approximately $41,120,000. Finally, Acadian Asset Management LLC lifted its position in Yum! Brands by 419.3% during the second quarter. Acadian Asset Management LLC now owns 598,783 shares of the restaurant operator’s stock worth $46,838,000 after acquiring an additional 483,467 shares during the last quarter. Hedge funds and other institutional investors own 71.37% of the company’s stock.
NYSE YUM opened at $89.53 on Monday. The company has a debt-to-equity ratio of -1.33, a current ratio of 1.30 and a quick ratio of 1.30. Yum! Brands, Inc. has a 1-year low of $72.61 and a 1-year high of $89.85. The company has a market capitalization of $28.41 billion, a PE ratio of 30.25, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86.
Yum! Brands announced that its Board of Directors has authorized a stock repurchase program on Friday, August 10th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the restaurant operator to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 7th. Shareholders of record on Monday, August 20th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, August 17th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.61%. Yum! Brands’s payout ratio is presently 48.65%.
In related news, CFO David W. Gibbs sold 6,369 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $87.83, for a total value of $559,389.27. Following the sale, the chief financial officer now owns 47,701 shares of the company’s stock, valued at $4,189,578.83. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.
Several equities research analysts have issued reports on the stock. Citigroup raised their price objective on shares of Yum! Brands from $80.00 to $87.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 19th. ValuEngine upgraded shares of Yum! Brands from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. UBS Group set a $91.00 price target on shares of Yum! Brands and gave the company a “buy” rating in a research report on Wednesday, May 30th. BMO Capital Markets reiterated a “hold” rating and issued a $88.00 price target on shares of Yum! Brands in a research report on Friday, August 3rd. Finally, BTIG Research upgraded shares of Yum! Brands from a “neutral” rating to a “buy” rating in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Yum! Brands presently has an average rating of “Buy” and an average price target of $86.76.
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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