McDonald’s Co. (NYSE:MCD) Shares Sold by Convergence Financial LLC

Convergence Financial LLC lowered its stake in McDonald’s Co. (NYSE:MCD) by 22.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,593 shares of the fast-food giant’s stock after selling 474 shares during the quarter. Convergence Financial LLC’s holdings in McDonald’s were worth $485,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hantz Financial Services Inc. purchased a new stake in McDonald’s during the second quarter worth about $6,612,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of McDonald’s by 58.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 138,102 shares of the fast-food giant’s stock worth $35,194,000 after buying an additional 51,210 shares during the period. U.S. Capital Wealth Advisors LLC increased its stake in shares of McDonald’s by 6.5% during the third quarter. U.S. Capital Wealth Advisors LLC now owns 49,186 shares of the fast-food giant’s stock worth $14,978,000 after buying an additional 2,997 shares during the period. BNP Paribas purchased a new stake in shares of McDonald’s during the first quarter worth approximately $7,898,000. Finally, First Long Island Investors LLC increased its stake in shares of McDonald’s by 16.6% during the first quarter. First Long Island Investors LLC now owns 54,021 shares of the fast-food giant’s stock worth $15,231,000 after buying an additional 7,707 shares during the period. 70.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Joseph M. Erlinger sold 1,098 shares of McDonald’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $288.70, for a total value of $316,992.60. Following the transaction, the insider now directly owns 12,583 shares of the company’s stock, valued at $3,632,712.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Joseph M. Erlinger sold 1,098 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $288.70, for a total transaction of $316,992.60. Following the sale, the insider now directly owns 12,583 shares in the company, valued at approximately $3,632,712.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joseph M. Erlinger sold 1,099 shares of McDonald’s stock in a transaction that occurred 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 sale, the insider now owns 11,484 shares in the company, valued at $3,428,777.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,097 shares of company stock valued at $10,256,818 in the last three months. Corporate insiders own 0.23% of the company’s stock.

McDonald’s Trading Down 3.0 %

McDonald’s stock opened at $292.50 on Friday. The stock has a market cap of $210.80 billion, a PE ratio of 24.83, a P/E/G ratio of 4.13 and a beta of 0.73. The stock has a 50-day moving average price of $297.78 and a 200 day moving average price of $274.88. McDonald’s Co. has a 52 week low of $243.53 and a 52 week high of $317.90.

McDonald’s (NYSE:MCD) last posted its quarterly earnings data on Monday, July 29th. The fast-food giant reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.10). McDonald’s had a negative return on equity of 178.68% and a net margin of 32.25%. The company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the prior year, the business posted $3.17 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities analysts predict that McDonald’s Co. will post 11.73 EPS for the current year.

McDonald’s Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $1.77 dividend. This is a positive change from McDonald’s’s previous quarterly dividend of $1.67. This represents a $7.08 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Monday, December 2nd. McDonald’s’s payout ratio is currently 60.10%.

Analyst Ratings Changes

A number of analysts recently weighed in on MCD shares. Wells Fargo & Company upped their target price on shares of McDonald’s from $285.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Tigress Financial upped their price target on McDonald’s from $355.00 to $360.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Truist Financial upped their price target on McDonald’s from $295.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Loop Capital reaffirmed a “buy” rating on shares of McDonald’s in a report on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on McDonald’s from $295.00 to $290.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Thirteen research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, McDonald’s has an average rating of “Moderate Buy” and an average price target of $318.22.

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.