Peapack Gladstone Financial Corp Lowers Stock Position in McDonald’s Co. (NYSE:MCD)

Peapack Gladstone Financial Corp reduced its stake in shares of McDonald’s Co. (NYSE:MCD) by 0.3% during the third quarter, Holdings Channel reports. The institutional investor owned 129,836 shares of the fast-food giant’s stock after selling 327 shares during the period. Peapack Gladstone Financial Corp’s holdings in McDonald’s were worth $39,537,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new stake in McDonald’s during the 3rd quarter valued at approximately $25,000. RPg Family Wealth Advisory LLC bought a new stake in McDonald’s during the 3rd quarter valued at approximately $31,000. Kings Path Partners LLC bought a new stake in McDonald’s during the 2nd quarter valued at approximately $38,000. Hara Capital LLC bought a new stake in McDonald’s during the 3rd quarter valued at approximately $44,000. Finally, Peterson Financial Group Inc. bought a new stake in McDonald’s during the 3rd quarter valued at approximately $58,000. Institutional investors own 70.29% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on McDonald’s from $284.00 to $325.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. lifted their price objective on McDonald’s from $270.00 to $290.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Wells Fargo & Company lifted their price objective on McDonald’s from $285.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Guggenheim downgraded McDonald’s from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $290.00 to $285.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group lifted their price objective on McDonald’s from $310.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Twelve analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $320.50.

McDonald’s Stock Up 0.1 %

MCD opened at $296.52 on Friday. McDonald’s Co. has a 52-week low of $243.53 and a 52-week high of $317.90. The stock has a market cap of $212.49 billion, a P/E ratio of 26.03, a PEG ratio of 3.94 and a beta of 0.73. The business has a fifty day moving average of $299.03 and a 200 day moving average of $280.82.

McDonald’s (NYSE:MCD) last issued its earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 earnings per share for the quarter, topping 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 business had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.82 billion. During the same period in the prior year, the business earned $3.19 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts anticipate that McDonald’s Co. will post 11.75 EPS for the current fiscal year.

McDonald’s Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $1.77 dividend. This represents a $7.08 annualized dividend and a dividend yield of 2.39%. This is a boost from McDonald’s’s previous quarterly dividend of $1.67. The ex-dividend date is Monday, December 2nd. McDonald’s’s dividend payout ratio is currently 62.16%.

Insiders Place Their Bets

In other McDonald’s news, CFO Ian Frederick Borden sold 5,939 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $300.04, for a total value of $1,781,937.56. Following the completion of the sale, the chief financial officer now directly owns 20,403 shares in the company, valued at approximately $6,121,716.12. This represents a 22.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph M. Erlinger sold 1,099 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $298.57, for a total value of $328,128.43. Following the completion of the transaction, the insider now directly owns 11,484 shares of the company’s stock, valued at approximately $3,428,777.88. The trade was a 8.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,099 shares of company stock worth $10,273,786. 0.23% of the stock is currently owned by company insiders.

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.