Cresset Asset Management LLC Sells 11,648 Shares of McDonald’s Corporation $MCD

Cresset Asset Management LLC trimmed its holdings in McDonald’s Corporation (NYSE:MCD) by 9.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 111,112 shares of the fast-food giant’s stock after selling 11,648 shares during the quarter. Cresset Asset Management LLC’s holdings in McDonald’s were worth $32,464,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MCD. Finer Wealth Management Inc. grew its holdings in McDonald’s by 4.7% during the 2nd quarter. Finer Wealth Management Inc. now owns 9,622 shares of the fast-food giant’s stock worth $2,811,000 after acquiring an additional 435 shares during the last quarter. Capital Advisors Wealth Management LLC lifted its position in shares of McDonald’s by 1.8% during the second quarter. Capital Advisors Wealth Management LLC now owns 3,564 shares of the fast-food giant’s stock worth $1,041,000 after purchasing an additional 62 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of McDonald’s by 2.4% during the second quarter. Brown Advisory Inc. now owns 145,365 shares of the fast-food giant’s stock worth $42,471,000 after purchasing an additional 3,347 shares in the last quarter. Amundi grew its stake in shares of McDonald’s by 96.0% during the second quarter. Amundi now owns 4,032,676 shares of the fast-food giant’s stock valued at $1,188,147,000 after purchasing an additional 1,974,751 shares during the last quarter. Finally, Portland Global Advisors LLC increased its holdings in shares of McDonald’s by 1.1% in the second quarter. Portland Global Advisors LLC now owns 4,445 shares of the fast-food giant’s stock valued at $1,299,000 after purchasing an additional 50 shares in the last quarter. Institutional investors and hedge funds own 70.29% of the company’s stock.

Insider Activity

In related news, CFO Ian Frederick Borden sold 17,134 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $310.00, for a total value of $5,311,540.00. Following the completion of the sale, the chief financial officer owned 26,353 shares in the company, valued at $8,169,430. This represents a 39.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Manuel Jm Steijaert sold 13,134 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $300.42, for a total value of $3,945,716.28. Following the sale, the executive vice president directly owned 4,606 shares in the company, valued at $1,383,734.52. The trade was a 74.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 40,030 shares of company stock valued at $12,240,570 in the last quarter. Company insiders own 0.25% of the company’s stock.

McDonald’s Trading Up 0.1%

McDonald’s stock opened at $308.02 on Friday. The firm has a market capitalization of $219.36 billion, a P/E ratio of 26.28, a PEG ratio of 3.42 and a beta of 0.52. McDonald’s Corporation has a 1 year low of $276.53 and a 1 year high of $326.32. The business has a 50-day moving average of $303.88 and a 200-day moving average of $304.01.

McDonald’s (NYSE:MCD) last announced its quarterly earnings results on Wednesday, November 5th. The fast-food giant reported $3.22 earnings per share for the quarter, missing analysts’ consensus estimates of $3.33 by ($0.11). McDonald’s had a net margin of 32.04% and a negative return on equity of 280.89%. The firm had revenue of $7.08 billion during the quarter, compared to analyst estimates of $7.10 billion. During the same quarter in the prior year, the business earned $3.23 earnings per share. The business’s revenue was up 3.0% on a year-over-year basis. Research analysts anticipate that McDonald’s Corporation will post 12.25 EPS for the current fiscal year.

McDonald’s Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $1.86 per share. This is a positive change from McDonald’s’s previous quarterly dividend of $1.77. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, December 1st. McDonald’s’s payout ratio is 63.48%.

Analysts Set New Price Targets

MCD has been the topic of several research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of McDonald’s in a report on Friday, October 31st. KeyCorp restated an “overweight” rating and set a $335.00 target price on shares of McDonald’s in a research report on Monday, October 20th. BMO Capital Markets reaffirmed an “outperform” rating on shares of McDonald’s in a research note on Thursday, November 6th. Royal Bank Of Canada began coverage on McDonald’s in a research report on Wednesday, October 8th. They issued a “sector perform” rating and a $320.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on McDonald’s from $305.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Eleven analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $324.57.

About McDonald’s

McDonald’s Corp. engages in the operation and franchising of restaurants. It operates through the following segments: U.S., International Operated Markets, and International Developmental Licensed Markets and Corporate. The U.S. segment focuses its operations on the United States. The International Operated Markets segment consists of operations and the franchising of restaurants in Australia, Canada, France, Germany, Italy, the Netherlands, Spain, and the U.K.