Yum! Brands (YUM)

• Market cap: $36.9B
• 1 day: 1.53%
• 5 days: -3.43%
• 1 month: -0.39%
• 3 months: 2.04%
• 6 months: -1.33%
• Year to date: 2.58%
• 1 year: 2.57%
• 5 years: 31.58%
• 10 years: 82.67%
• Sector: Consumer Discretionary
• Industry: Eating Places

About: Yum Brands is a US-based restaurant operator featuring a portfolio of four brands: KFC (29,900 global units at year-end 2023), Pizza Hut (19,866 units), Taco Bell (8,564 units), and The Habit Burger Grill (381 units). With $64 billion in 2023 systemwide sales, the firm is the second-largest restaurant company in the world behind McDonald's ($130 billion), ahead of Restaurant Brands International ($43 billion) and Starbucks ($29 billion). Yum is 98% franchised, with the largest franchisee, wide-moat Yum China, spun out in 2016, after which Yum China agreed to pay 3% royalties to Yum Brands in perpetuity. Yum is the newest evolution of Tricon, formerly a division of PepsiCo, and generates the bulk of its revenue from franchise royalties and marketing contributions.

Employees: 35,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

63% more call options, than puts

Call options by funds: $599M | Put options by funds: $367M

33% more funds holding in top 10

Funds holding in top 10: 3 [Q2] → 4 (+1) [Q3]

24% more first-time investments, than exits

New positions opened: 103 | Existing positions closed: 83

2% more funds holding

Funds holding: 1,186 [Q2] → 1,206 (+20) [Q3]

1% more capital invested

Capital invested by funds: $32.4B [Q2] → $32.6B (+$210M) [Q3]

3.57% less ownership

Funds ownership: 86.95% [Q2] → 83.38% (-3.57%) [Q3]

15% less repeat investments, than reductions

Existing positions increased: 377 | Existing positions reduced: 444

Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $140 6% upside
• Avg. target: $144 9% upside
• High target: $145 10% upside

4 analyst ratings

• positive: 0 0%
• neutral: 4 100%
• negative: 0 0%

TD Cowen Andrew Charles 47% 1-year accuracy 56 / 120 met price target	10% upside $145	Hold Reiterated	6 Nov 2024
Loop Capital Alton Stump 35% 1-year accuracy 6 / 17 met price target	6% upside $140	Hold Maintained	6 Nov 2024
Deutsche Bank Lauren Silberman 92% 1-year accuracy 11 / 12 met price target	10% upside $145	Hold Maintained	6 Nov 2024
B of A Securities Sara Senatore 37% 1-year accuracy 13 / 35 met price target	10% upside $145	Neutral Maintained	22 Oct 2024