Exchange Traded Concepts LLC lowered its stake in McDonald’s Co. (NYSE:MCD – Get Rating) by 94.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 160 shares of the fast-food giant’s stock after selling 2,488 shares during the period. Exchange Traded Concepts LLC’s holdings in McDonald’s were worth $40,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Dixon Hughes Goodman Wealth Advisors LLC boosted its holdings in shares of McDonald’s by 4.9% in the 1st quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 993 shares of the fast-food giant’s stock valued at $246,000 after buying an additional 46 shares during the period. Virtu Financial LLC acquired a new position in shares of McDonald’s in the 4th quarter valued at about $1,572,000. Allworth Financial LP boosted its holdings in shares of McDonald’s by 29.8% in the 1st quarter. Allworth Financial LP now owns 12,272 shares of the fast-food giant’s stock valued at $3,035,000 after buying an additional 2,816 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of McDonald’s by 18.9% in the 4th quarter. Illinois Municipal Retirement Fund now owns 11,131 shares of the fast-food giant’s stock valued at $2,984,000 after buying an additional 1,766 shares during the period. Finally, Scissortail Wealth Management LLC acquired a new position in shares of McDonald’s in the 4th quarter valued at about $170,000. 68.44% of the stock is owned by institutional investors and hedge funds.
Insider Activity at McDonald’s
In related news, insider Joseph M. Erlinger sold 5,892 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $249.23, for a total transaction of $1,468,463.16. Following the transaction, the insider now directly owns 8,187 shares of the company’s stock, valued at $2,040,446.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the stock. Truist Financial reduced their target price on shares of McDonald’s from $280.00 to $273.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. BTIG Research reduced their target price on shares of McDonald’s from $295.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, April 19th. Morgan Stanley reduced their target price on shares of McDonald’s from $287.00 to $285.00 and set an “overweight” rating for the company in a research note on Monday. JPMorgan Chase & Co. boosted their target price on shares of McDonald’s from $260.00 to $275.00 in a research note on Tuesday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of McDonald’s from $265.00 to $263.00 and set a “buy” rating for the company in a research note on Thursday, July 7th. Six investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $280.54.
McDonald’s Price Performance
MCD stock opened at $252.42 on Tuesday. McDonald’s Co. has a 52-week low of $217.68 and a 52-week high of $271.15. The company’s 50 day simple moving average is $245.43 and its 200-day simple moving average is $248.10. The firm has a market capitalization of $186.68 billion, a P/E ratio of 26.65, a P/E/G ratio of 3.26 and a beta of 0.55.
McDonald’s (NYSE:MCD – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The fast-food giant reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.18 by $0.10. McDonald’s had a net margin of 29.93% and a negative return on equity of 131.20%. The business had revenue of $5.67 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the previous year, the business earned $1.92 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts predict that McDonald’s Co. will post 9.77 EPS for the current fiscal year.
McDonald’s Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 20th. Investors of record on Monday, June 6th were given a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Friday, June 3rd. McDonald’s’s payout ratio is presently 58.29%.
McDonald’s Profile
McDonald’s Corporation operates and franchises McDonald’s restaurants in the United States and internationally. Its restaurants offer hamburgers and cheeseburgers, chicken sandwiches and nuggets, wraps, fries, salads, oatmeal, shakes, desserts, sundaes, soft serve cones, bakery items, soft drinks, coffee, and beverages and other beverages, as well as breakfast menu, including biscuit and bagel sandwiches, breakfast burritos, hotcakes, and other sandwiches.
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