Penobscot Investment Management Company Inc. Sells 50 Shares of McDonald’s Corporation $MCD

Penobscot Investment Management Company Inc. cut its holdings in shares of McDonald’s Corporation (NYSE:MCD) by 0.5% during the 2nd quarter, Holdings Channel reports. The firm owned 10,383 shares of the fast-food giant’s stock after selling 50 shares during the period. Penobscot Investment Management Company Inc.’s holdings in McDonald’s were worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of McDonald’s by 0.3% during the first quarter. Vanguard Group Inc. now owns 70,409,095 shares of the fast-food giant’s stock worth $21,993,689,000 after purchasing an additional 239,753 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of McDonald’s by 16.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,341,460 shares of the fast-food giant’s stock worth $2,917,993,000 after purchasing an additional 1,344,954 shares during the period. Northern Trust Corp increased its holdings in shares of McDonald’s by 1.1% during the first quarter. Northern Trust Corp now owns 8,965,159 shares of the fast-food giant’s stock worth $2,800,447,000 after purchasing an additional 97,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of McDonald’s by 2.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,142,473 shares of the fast-food giant’s stock worth $1,606,354,000 after purchasing an additional 123,454 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of McDonald’s by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 4,982,825 shares of the fast-food giant’s stock worth $1,556,485,000 after purchasing an additional 815,768 shares during the period. 70.29% of the stock is owned by institutional investors.

McDonald’s Stock Performance

NYSE MCD opened at $300.72 on Friday. The firm’s fifty day moving average price is $306.93 and its two-hundred day moving average price is $306.17. The stock has a market cap of $214.59 billion, a PE ratio of 25.77, a PEG ratio of 3.05 and a beta of 0.50. McDonald’s Corporation has a fifty-two week low of $276.53 and a fifty-two week high of $326.32.

McDonald’s (NYSE:MCD) last posted its earnings results on Wednesday, August 6th. The fast-food giant reported $3.19 earnings per share for the quarter, topping analysts’ consensus estimates of $3.15 by $0.04. The firm had revenue of $6.84 billion for the quarter, compared to analysts’ expectations of $6.68 billion. McDonald’s had a net margin of 32.21% and a negative return on equity of 225.52%. The company’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.97 earnings per share. As a group, sell-side analysts predict that McDonald’s Corporation will post 12.25 earnings per share for the current fiscal year.

McDonald’s Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $1.77 per share. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. McDonald’s’s payout ratio is presently 60.67%.

Insider Activity at McDonald’s

In other McDonald’s news, EVP Desiree Ralls-Morrison sold 2,487 shares of the business’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $310.00, for a total transaction of $770,970.00. Following the sale, the executive vice president owned 8,754 shares of the company’s stock, valued at approximately $2,713,740. The trade was a 22.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Edith Morgan Flatley sold 1,000 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $315.00, for a total transaction of $315,000.00. Following the sale, the chief marketing officer directly owned 6,858 shares in the company, valued at approximately $2,160,270. The trade was a 12.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,402 shares of company stock worth $2,273,407. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MCD shares. The Goldman Sachs Group raised shares of McDonald’s from a “neutral” rating to a “buy” rating and set a $345.00 price objective on the stock in a research note on Thursday, July 10th. Guggenheim reissued a “neutral” rating on shares of McDonald’s in a research note on Friday, August 8th. Morgan Stanley lifted their price objective on shares of McDonald’s from $324.00 to $326.00 and gave the company an “equal weight” rating in a research note on Monday, July 14th. JPMorgan Chase & Co. lifted their price objective on shares of McDonald’s from $305.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Finally, Truist Financial lifted their price objective on shares of McDonald’s from $356.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Twelve analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $325.86.

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.