McDonald’s Corp. (MCD) Stake Cut by Destination Wealth Management
Destination Wealth Management decreased its stake in shares of McDonald’s Corp. (NYSE:MCD) by 76.2% during the second quarter, Holdings Channel reports. The institutional investor owned 2,413 shares of the fast-food giant’s stock after selling 7,730 shares during the period. Destination Wealth Management’s holdings in McDonald’s Corp. were worth $290,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in MCD. Albion Financial Group UT bought a new position in shares of McDonald’s Corp. during the second quarter valued at about $250,000. Cornerstone Advisors Inc. boosted its position in shares of McDonald’s Corp. by 25.6% in the second quarter. Cornerstone Advisors Inc. now owns 3,702 shares of the fast-food giant’s stock valued at $446,000 after buying an additional 755 shares in the last quarter. Financial Architects Inc boosted its position in shares of McDonald’s Corp. by 15.2% in the second quarter. Financial Architects Inc now owns 15,231 shares of the fast-food giant’s stock valued at $1,833,000 after buying an additional 2,015 shares in the last quarter. RKL Wealth Management LLC boosted its position in shares of McDonald’s Corp. by 3.8% in the second quarter. RKL Wealth Management LLC now owns 47,064 shares of the fast-food giant’s stock valued at $5,705,000 after buying an additional 1,707 shares in the last quarter. Finally, Shell Asset Management Co. boosted its position in shares of McDonald’s Corp. by 5.8% in the second quarter. Shell Asset Management Co. now owns 335,799 shares of the fast-food giant’s stock valued at $40,410,000 after buying an additional 18,539 shares in the last quarter. Institutional investors own 69.10% of the company’s stock.
McDonald’s Corp. (NYSE:MCD) traded down 0.41% on Friday, reaching $113.45. 4,153,139 shares of the company’s stock were exchanged. The stock has a market cap of $96.81 billion, a price-to-earnings ratio of 21.66 and a beta of 0.61. McDonald’s Corp. has a one year low of $101.60 and a one year high of $131.96. The firm has a 50 day moving average of $115.46 and a 200-day moving average of $121.70.
McDonald’s Corp. (NYSE:MCD) last released its earnings results on Tuesday, July 26th. The fast-food giant reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.06. McDonald’s Corp. had a net margin of 18.73% and a return on equity of 97.56%. The business earned $6.27 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the prior year, the firm earned $1.26 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities research analysts forecast that McDonald’s Corp. will post $5.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued a dividend of $0.94 per share. This is a positive change from McDonald’s Corp.’s previous quarterly dividend of $0.89. The ex-dividend date is Tuesday, November 29th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.31%. McDonald’s Corp.’s dividend payout ratio is presently 68.59%.
Several equities analysts recently issued reports on the stock. Zacks Investment Research cut shares of McDonald’s Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 4th. Vetr cut shares of McDonald’s Corp. from a “buy” rating to a “hold” rating and set a $114.15 price objective on the stock. in a report on Monday, October 3rd. Credit Suisse Group AG restated an “outperform” rating and issued a $132.00 price objective on shares of McDonald’s Corp. in a report on Friday, September 16th. Citigroup Inc. cut their price objective on shares of McDonald’s Corp. from $130.00 to $122.00 and set a “neutral” rating on the stock in a report on Tuesday, September 13th. Finally, Robert W. Baird restated an “outperform” rating on shares of McDonald’s Corp. in a research report on Thursday, September 8th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $125.85.
In other news, Chairman Andrew J. Mckenna sold 70,000 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $118.28, for a total transaction of $8,279,600.00. Following the completion of the sale, the chairman now owns 108,841 shares of the company’s stock, valued at $12,873,713.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.28% of the company’s stock.
About McDonald’s Corp.
McDonald’s Corporation (McDonald’s) operates and franchises McDonald’s restaurants. The Company’s restaurants serve a locally-relevant menu of quality food and drinks sold at various price points in over 100 countries. The Company’s segments include U.S., International Lead Markets, High Growth Markets and Foundational Markets and Corporate.
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