Assenagon Asset Management S.A. bought a new position in Yum! Brands, Inc. (NYSE:YUM) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 140,658 shares of the restaurant operator’s stock, valued at approximately $12,787,000.
Several other institutional investors also recently made changes to their positions in the company. NN Investment Partners Holdings N.V. purchased a new position in shares of Yum! Brands in the 3rd quarter worth approximately $2,766,000. CWM LLC boosted its holdings in shares of Yum! Brands by 211.8% in the 3rd quarter. CWM LLC now owns 7,178 shares of the restaurant operator’s stock worth $653,000 after purchasing an additional 4,876 shares during the period. First National Bank of Hutchinson purchased a new position in shares of Yum! Brands in the 3rd quarter worth approximately $207,000. Waratah Capital Advisors Ltd. boosted its holdings in shares of Yum! Brands by 237.6% in the 3rd quarter. Waratah Capital Advisors Ltd. now owns 34,638 shares of the restaurant operator’s stock worth $3,149,000 after purchasing an additional 24,378 shares during the period. Finally, Asset Advisors Investment Management LLC purchased a new position in shares of Yum! Brands in the 3rd quarter worth approximately $136,000. Hedge funds and other institutional investors own 71.08% of the company’s stock.
Shares of YUM stock opened at $86.43 on Wednesday. Yum! Brands, Inc. has a 52-week low of $74.26 and a 52-week high of $92.21. The company has a market cap of $27.22 billion, a P/E ratio of 29.20, a price-to-earnings-growth ratio of 1.92 and a beta of 0.86.
Yum! Brands announced that its Board of Directors has authorized a share buyback plan on Friday, August 10th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the restaurant operator to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
YUM has been the subject of a number of recent research reports. Zacks Investment Research upgraded Yum! Brands from a “hold” rating to a “buy” rating and set a $101.00 target price for the company in a report on Wednesday, October 17th. BTIG Research raised their price target on Yum! Brands from $92.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, October 10th. UBS Group set a $99.00 price target on Yum! Brands and gave the stock a “buy” rating in a research note on Monday, September 10th. ValuEngine raised Yum! Brands from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Finally, Stifel Nicolaus lowered Yum! Brands from a “buy” rating to a “hold” rating and set a $94.00 price target for the company. in a research note on Tuesday, October 23rd. Fourteen analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $88.76.
In other Yum! Brands news, VP David Eric Russell sold 7,340 shares of Yum! Brands stock in a transaction 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 completion of the sale, the vice president now directly owns 25,960 shares of the company’s stock, valued at approximately $2,336,400. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David W. Gibbs sold 6,369 shares of Yum! Brands 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 directly owns 47,701 shares of the company’s stock, valued at $4,189,578.83. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,075 shares of company stock valued at $1,779,370. 0.63% of the stock is currently owned by corporate insiders.
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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