Pitcairn Co. Sells 1,068 Shares of McDonald’s Co. (NYSE:MCD)

23 Nov 2024, 09:56 by Jessica Moore · The Cerbat Gem

Pitcairn Co. cut its holdings in shares of McDonald’s Co. (NYSE:MCD – Free Report) by 9.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,551 shares of the fast-food giant’s stock after selling 1,068 shares during the period. Pitcairn Co.’s holdings in McDonald’s were worth $3,213,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Legal & General Group Plc lifted its holdings in McDonald’s by 3.2% during the 2nd quarter. Legal & General Group Plc now owns 6,149,080 shares of the fast-food giant’s stock worth $1,567,030,000 after buying an additional 188,888 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in McDonald’s by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,564,359 shares of the fast-food giant’s stock worth $1,694,403,000 after buying an additional 49,106 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in McDonald’s by 8.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,761,625 shares of the fast-food giant’s stock worth $1,216,677,000 after buying an additional 354,196 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in McDonald’s by 31,151.1% during the 3rd quarter. International Assets Investment Management LLC now owns 2,319,142 shares of the fast-food giant’s stock worth $706,202,000 after buying an additional 2,311,721 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of McDonald’s by 1.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,015,441 shares of the fast-food giant’s stock valued at $613,722,000 after purchasing an additional 22,780 shares during the period. 70.29% of the stock is currently owned by institutional investors.

McDonald’s Price Performance

Shares of NYSE MCD opened at $290.30 on Friday. The stock has a market capitalization of $208.03 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 3.84 and a beta of 0.74. The business has a 50-day moving average of $299.85 and a 200-day moving average of $278.06. McDonald’s Co. has a fifty-two week low of $243.53 and a fifty-two week high of $317.90.

McDonald’s (NYSE:MCD – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The fast-food giant reported $3.23 earnings per share for the quarter, beating the consensus estimate of $3.18 by $0.05. McDonald’s had a negative return on equity of 175.42% and a net margin of 31.79%. The company had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.82 billion. During the same quarter last year, the company earned $3.19 EPS. McDonald’s’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, sell-side analysts expect that McDonald’s Co. will post 11.77 EPS for the current year.

McDonald’s Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $1.77 dividend. This is an increase from McDonald’s’s previous quarterly dividend of $1.67. This represents a $7.08 annualized dividend and a yield of 2.44%. The ex-dividend date is Monday, December 2nd. McDonald’s’s dividend payout ratio (DPR) is 58.65%.

Insider Activity at McDonald’s

In other McDonald’s news, insider Joseph M. Erlinger sold 1,099 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $298.57, for a total transaction of $328,128.43. Following the completion of the sale, the insider now directly owns 11,484 shares in the company, valued at $3,428,777.88. This trade represents a 8.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Marion K. Gross sold 1,498 shares of McDonald’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $286.36, for a total transaction of $428,967.28. Following the completion of the sale, the executive vice president now owns 1,560 shares of the company’s stock, valued at approximately $446,721.60. The trade was a 48.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,498 shares of company stock worth $10,381,296. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

MCD has been the topic of a number of analyst reports. Barclays increased their price target on McDonald’s from $300.00 to $325.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Baird R W downgraded McDonald’s from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group increased their price target on McDonald’s from $310.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Morgan Stanley increased their price target on McDonald’s from $296.00 to $340.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Finally, Truist Financial cut their price target on McDonald’s from $350.00 to $342.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Thirteen analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, McDonald’s has an average rating of “Moderate Buy” and an average price target of $319.46.

Check Out Our Latest Stock Analysis on MCD

About McDonald’s

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