5 Blue Chip Stocks to Buy According to Billionaire Steve Cohen

In this article, we will be taking a look at the 5 Blue Chip Stocks to Buy According to Billionaire Steve Cohen. To read our analysis of Steve Cohen’s profile, and investment strategy, as well as the risk/reward and methodology of this list, you can go to the 10 Blue Chip Stocks to Buy According to Billionaire Steve Cohen.

5. Yum! Brands, Inc. (NYSE:YUM)

Point72 Asset Management’s Stake Value: $137,485,000

Percentage of Point72 Asset Management’s 13F Portfolio: 0.58%

Number of Hedge Fund Holders: 40

Louisville, Kentucky-based Yum! Brands, Inc. (NYSE:YUM) is a leading global restaurant company operating or franchising a network of more than 53,000 restaurants in 155 countries and territories under the brand names of KFC, Taco Bell, Pizza Hut, and the Habit Burger Grill.

Steve Cohen’s Point72 Asset Management owns 1,211,214 shares of Yum! Brands, Inc. (NYSE:YUM), accounting for 0.58% of its 13F portfolio. The hedge fund increased its stake by 82% in Q2 2022, as compared to the previous quarter.

Earlier this year in August, Yum! Brands, Inc. (NYSE:YUM) released its financial results for the quarter ended June 30, 2022. Its total revenue increased by 2% y-o-y to $1.6 billion, while its net income declined by 43% y-o-y to $422 million, for the three months. The normalized EPS was recorded at $1.05 for the quarter, missing the consensus by $0.04, and declared a quarterly dividend of $0.57 per share.

In September, Bernstein analyst Danilo Gargiulo initiated coverage of Yum! Brands, Inc. (NYSE:YUM) with an ‘Outperform’ rating and $144 price target.

As of Q2 2022, 40 of the 895 hedge funds tracked by Insider Monkey were long Yum! Brands, Inc. (NYSE:YUM), holding shares worth $1.8 billion.