NewEdge Advisors LLC Sells 58,472 Shares of McDonald’s Co. (NYSE:MCD)

NewEdge Advisors LLC cut its position in shares of McDonald’s Co. (NYSE:MCD) by 33.3% during the 2nd quarter, Holdings Channel reports. The firm owned 117,268 shares of the fast-food giant’s stock after selling 58,472 shares during the quarter. NewEdge Advisors LLC’s holdings in McDonald’s were worth $29,885,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of MCD. Gallagher Fiduciary Advisors LLC increased its position in McDonald’s by 141,160.9% during the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 5,613,710 shares of the fast-food giant’s stock worth $1,664,521,000 after buying an additional 5,609,736 shares during the last quarter. Capital Research Global Investors raised its stake in McDonald’s by 66.9% in the 1st quarter. Capital Research Global Investors now owns 5,471,007 shares of the fast-food giant’s stock valued at $1,542,550,000 after acquiring an additional 2,193,769 shares during the period. Swedbank AB bought a new stake in McDonald’s in the 1st quarter valued at $348,206,000. Capital World Investors lifted its holdings in McDonald’s by 39.7% during the 1st quarter. Capital World Investors now owns 3,565,398 shares of the fast-food giant’s stock valued at $1,005,264,000 after purchasing an additional 1,012,534 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of McDonald’s by 15.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,347,048 shares of the fast-food giant’s stock valued at $2,178,474,000 after purchasing an additional 987,099 shares during the period. 70.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of McDonald’s from $270.00 to $290.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. TD Cowen reaffirmed a “hold” rating and issued a $280.00 price objective on shares of McDonald’s in a report on Monday, September 23rd. Truist Financial dropped their target price on McDonald’s from $300.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Citigroup raised their price target on shares of McDonald’s from $275.00 to $301.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Finally, Barclays cut their price objective on shares of McDonald’s from $320.00 to $300.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Eleven analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, McDonald’s presently has a consensus rating of “Moderate Buy” and an average price target of $308.22.

McDonald’s Stock Performance

NYSE MCD opened at $303.69 on Friday. The firm’s fifty day moving average price is $281.71 and its two-hundred day moving average price is $271.02. The stock has a market cap of $218.86 billion, a PE ratio of 25.78, a PEG ratio of 3.99 and a beta of 0.72. McDonald’s Co. has a fifty-two week low of $243.53 and a fifty-two week high of $306.96.

McDonald’s (NYSE:MCD) last issued its quarterly earnings data on Monday, July 29th. The fast-food giant reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.10). The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.62 billion. McDonald’s had a negative return on equity of 178.68% and a net margin of 32.25%. The company’s revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.17 EPS. As a group, sell-side analysts predict that McDonald’s Co. will post 11.69 earnings per share for the current fiscal year.

McDonald’s Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $1.77 dividend. This represents a $7.08 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from McDonald’s’s previous quarterly dividend of $1.67. McDonald’s’s dividend payout ratio (DPR) is 56.71%.

Insider Buying and Selling

In other McDonald’s news, CEO Christopher J. Kempczinski sold 9,291 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $305.00, for a total value of $2,833,755.00. Following the completion of the transaction, the chief executive officer now directly owns 43,256 shares in the company, valued at approximately $13,193,080. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Christopher J. Kempczinski sold 9,291 shares of McDonald’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $305.00, for a total value of $2,833,755.00. Following the transaction, the chief executive officer now directly owns 43,256 shares of the company’s stock, valued at $13,193,080. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Marion K. Gross sold 1,498 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $248.26, for a total value of $371,893.48. Following the completion of the sale, the executive vice president now owns 1,560 shares in the company, valued at $387,285.60. The disclosure for this sale can be found here. Insiders have sold a total of 33,249 shares of company stock worth $9,865,866 in the last ninety days. Company insiders own 0.23% of the company’s stock.

About McDonald’s

McDonald's Corporation operates and franchises restaurants under the McDonald's brand in the United States and internationally. It offers food and beverages, including hamburgers and cheeseburgers, various chicken sandwiches, fries, shakes, desserts, sundaes, cookies, pies, soft drinks, coffee, and other beverages; and full or limited breakfast, as well as sells various other products during limited-time promotions.