Item 5. Market for the Registrant’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities.

The Company’s Common Stock trades under the symbol YUM and is listed on the New York Stock Exchange ("NYSE"). The following sets forth the high and low NYSE composite closing sale prices by quarter for the Company’s Common Stock and dividends per common share. On October 31, 2016 (the "Distribution Date"), we completed the spin-off of our China business (the "Separation") into an independent, publicly-traded company under the name Yum China Holdings, Inc. ("Yum China"). On the Distribution Date we distributed to each of our shareholders of record as of the close of business on October 19, 2016 (the "Record Date"), one share of Yum China common stock for each share of our Common Stock held as of the Record Date. Stock prices prior to November 1, 2016, do not reflect any adjustment for the impact of the Separation.



2017
Quarter	High		Low		Dividends Declared
First	$	68.65	$	63.18	$	0.30
Second	74.82		63.55		0.30
Third	77.80		72.65		—
Fourth	83.47		73.75		0.30



2016 (As Restated)(a)
Quarter	High		Low		Dividends Declared
First	$	82.25	$	65.24	$	0.46
Second	85.90		79.33		0.46
Third	91.26		83.04		0.51
Fourth (to October 31)	90.92		85.36		—
Fourth (from November 1)	64.74		59.70		0.30

In 2017, the Company paid four cash dividends of $0.30 per share. This included a dividend distributed February 3, 2017, that had been declared on December 21, 2016, which was the first dividend declared subsequent to the Separation of the Company's China business. Over the long term, the Company targets an annual dividend payout ratio of 45% to 50% of net income, before Special Items.

As of February 14, 2018, there were 49,843 registered holders of record of the Company’s Common Stock.


(a)	Stock price information presented for 2016 is now reflective of our current reporting calendar. See Note 2 to the Consolidated Financial Statements in Item 8 of this Form 10-K for discussion of the change in our reporting calendar.

Issuer Purchases of Equity Securities

The following table provides information as of December 31, 2017, with respect to shares of Common Stock repurchased by the Company during the quarter then ended.



Fiscal Periods	Total number of shares purchased (thousands)	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs (thousands)	Approximate dollar value of shares that may yet be purchased under the plans or programs (millions)
10/1/17 - 10/31/17	2,686	$	75.47	2,686	$	385
11/1/17- 11/30/17	3,162	$	79.68	3,162	$	1,633
12/1/17 - 12/31/17	1,603	$	82.95	1,603	$	1,500
Total	7,451	$	78.87	7,451	$	1,500

On November 16, 2017, our Board of Directors authorized share repurchases through December 2018 of up to $1.5 billion (excluding applicable transaction fees) of our outstanding Common Stock. As of December 31, 2017, we have remaining capacity to repurchase up to $1.5 billion of Common Stock under this authorization.

Stock Performance Graph

This graph compares the cumulative total return of our Common Stock to the cumulative total return of the S&P 500 Index and the S&P 500 Consumer Discretionary Sector Index, a peer group that includes YUM, for the period from December 31, 2012 to December 29, 2017, the last trading day of our 2017 fiscal year. The graph assumes that the value of the investment in our Common Stock and each index was $100 at December 31, 2012 and that all cash dividends were reinvested.



	12/31/2012		12/31/2013		12/31/2014		12/31/2015		12/30/2016		12/29/2017
YUM	$	100	$	116	$	114	$	117	$	145	$	190
S&P 500	$	100	$	132	$	150	$	153	$	171	$	208
S&P Consumer Discretionary	$	100	$	143	$	157	$	173	$	183	$	225

Source: Bloomberg

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