Baxter Bros Inc. Cuts Stock Position in McDonald’s Corporation $MCD

Baxter Bros Inc. cut its holdings in McDonald’s Corporation (NYSE:MCD) by 34.3% in the second quarter, Holdings Channel reports. The institutional investor owned 7,392 shares of the fast-food giant’s stock after selling 3,859 shares during the quarter. Baxter Bros Inc.’s holdings in McDonald’s were worth $2,160,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. HFM Investment Advisors LLC acquired a new position in McDonald’s in the 1st quarter valued at $26,000. Nova Wealth Management Inc. acquired a new position in McDonald’s in the 1st quarter valued at $26,000. Abound Financial LLC acquired a new position in McDonald’s in the 1st quarter valued at $30,000. Redmont Wealth Advisors LLC acquired a new position in McDonald’s in the 1st quarter valued at $31,000. Finally, Financial Gravity Asset Management Inc. acquired a new position in McDonald’s in the 1st quarter valued at $31,000. Hedge funds and other institutional investors own 70.29% of the company’s stock.

McDonald’s Stock Down 0.6%

NYSE:MCD opened at $294.44 on Thursday. The company has a market capitalization of $210.11 billion, a P/E ratio of 25.23, a P/E/G ratio of 3.02 and a beta of 0.50. McDonald’s Corporation has a 52 week low of $276.53 and a 52 week high of $326.32. The stock’s fifty day moving average is $306.56 and its two-hundred day moving average is $305.94.

McDonald’s (NYSE:MCD) last posted its quarterly earnings data on Wednesday, August 6th. The fast-food giant reported $3.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.15 by $0.04. The firm had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $6.68 billion. McDonald’s had a negative return on equity of 225.52% and a net margin of 32.21%.The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.97 EPS. Sell-side analysts anticipate that McDonald’s Corporation will post 12.25 earnings per share for the current fiscal year.

McDonald’s Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were issued a $1.77 dividend. This represents a $7.08 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Tuesday, September 2nd. McDonald’s’s payout ratio is currently 60.67%.

Insider Transactions at McDonald’s

In related news, EVP Jonathan Banner sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $310.00, for a total value of $310,000.00. Following the sale, the executive vice president owned 99 shares in the company, valued at approximately $30,690. The trade was a 90.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph M. Erlinger sold 939 shares of the business’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $299.49, for a total value of $281,221.11. Following the completion of the sale, the insider owned 9,283 shares in the company, valued at $2,780,165.67. This represents a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,402 shares of company stock worth $1,973,407 over the last quarter. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MCD shares. BMO Capital Markets lifted their price objective on McDonald’s from $350.00 to $360.00 and gave the stock an “outperform” rating in a research report on Thursday, September 4th. KeyCorp reissued an “overweight” rating and set a $335.00 price objective (up previously from $325.00) on shares of McDonald’s in a research note on Thursday, August 7th. Bank of America lowered their price objective on McDonald’s from $327.00 to $322.00 and set a “neutral” rating on the stock in a research note on Friday, July 18th. Weiss Ratings reissued a “buy (b)” rating on shares of McDonald’s in a research note on Wednesday. Finally, Truist Financial boosted their price objective on McDonald’s from $356.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Eleven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $324.73.

McDonald’s Profile

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.