Yum! Brands
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)
61% more call options, than puts
Call options by funds: $605M | Put options by funds: $376M
55% more first-time investments, than exits
New positions opened: 104 | Existing positions closed: 67
33% more funds holding in top 10
Funds holding in top 10: 3 [Q2] → 4 (+1) [Q3]
2% more funds holding
Funds holding: 1,187 [Q2] → 1,208 (+21) [Q3]
3% more capital invested
Capital invested by funds: $34.6B [Q2] → $35.8B (+$1.18B) [Q3]
1.41% less ownership
Funds ownership: 92.8% [Q2] → 91.39% (-1.41%) [Q3]
15% less repeat investments, than reductions
Existing positions increased: 378 | Existing positions reduced: 443
Research analyst outlook
8 Wall Street Analysts provided 1 year price targets over the past 3 months
8 analyst ratings
Barclays Jeffrey Bernstein 49% 1-year accuracy 49 / 101 met price target | 11%upside $165 | Overweight Maintained | 7 Feb 2025 |
Goldman Sachs Christine Cho 52% 1-year accuracy 29 / 56 met price target | 5%upside $155 | Neutral Maintained | 7 Feb 2025 |
UBS Dennis Geiger 43% 1-year accuracy 9 / 21 met price target | 11%upside $165 | Buy Maintained | 7 Feb 2025 |
TD Securities Andrew Charles 53% 1-year accuracy 63 / 119 met price target | 2%upside $151 | Hold Maintained | 7 Feb 2025 |
TD Cowen Andrew Charles 53% 1-year accuracy 63 / 119 met price target | 6%downside $140 | Hold Reiterated | 6 Feb 2025 |
Financial journalist opinion
Based on 22 articles about YUM published over the past 30 days









