Yum! Brands, Inc. Announces Authorization of up to $2.0 Billion in Share Repurchases

Rhea-AI Summary

The Board of Directors of Yum! Brands (NYSE: YUM) has approved a new share repurchase program authorizing up to $2 billion in common stock buybacks through June 30, 2024. This plan will commence once the current authorization, with $236 million remaining as of September 12, 2022, is fully utilized. Yum! Brands operates over 53,000 restaurants globally under its renowned brands including KFC, Taco Bell, and Pizza Hut, reinforcing its position as a leader in the food industry.

Positive

• New share repurchase authorization of $2 billion enhances shareholder value.
• Continuity of buyback program signals management's confidence in future performance.

Negative

• None.

LOUISVILLE, Ky.--(BUSINESS WIRE)-- Yum! Brands, Inc. (NYSE: YUM) Board of Directors approved a new share repurchase authorization which authorizes repurchases of up to $2 billion in shares of common stock through June 30, 2024. The new authorization will take effect upon the exhaustion of the current authorization approved in May 2021, of which $236 million remained available as of September 12, 2022.

Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of over 53,000 restaurants in 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and the Habit Burger Grill. The Company's KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style food, and pizza categories, respectively. The Habit Burger Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. Yum! Brands was named to the 2021 Dow Jones Sustainability Index North America and was ranked on Newsweek’s list of 2021 America’s Most Responsible Companies. In 2022, Yum! Brands was named to 3BL Media’s 100 Best Corporate Citizens.

Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20220912005604/en/

Analysts are invited to contact:

Jodi Dyer, Vice President, Investor Relations at 888/298-6986

Members of the media are invited to contact:

Virginia Ferguson, Vice President, Public Relations, at 502/874-8200

Source: Yum! Brands, Inc.

FAQ

What is the new share repurchase authorization by YUM?

Yum! Brands has authorized up to $2 billion for share repurchases, effective through June 30, 2024.

When does the new buyback program for YUM take effect?

The new buyback program will take effect after the current authorization is exhausted.

How much was remaining from YUM's previous buyback program?

As of September 12, 2022, $236 million remained from the previous authorization approved in May 2021.

What impact might YUM's buyback have on its stock price?

The share repurchase program is expected to positively impact YUM's stock price by reducing the number of shares outstanding.