Pinnacle Associates Ltd. Raises Stock Position in McDonald’s Co. (NYSE:MCD)

Pinnacle Associates Ltd. raised its stake in shares of McDonald’s Co. (NYSE:MCD) by 1.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,912 shares of the fast-food giant’s stock after purchasing an additional 817 shares during the quarter. Pinnacle Associates Ltd.’s holdings in McDonald’s were worth $16,282,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Cornerstone Wealth Management LLC lifted its stake in McDonald’s by 7.6% during the 1st quarter. Cornerstone Wealth Management LLC now owns 8,471 shares of the fast-food giant’s stock valued at $2,389,000 after acquiring an additional 598 shares during the period. Tempus Wealth Planning LLC grew its holdings in McDonald’s by 4.5% during the 1st quarter. Tempus Wealth Planning LLC now owns 1,155 shares of the fast-food giant’s stock valued at $326,000 after buying an additional 50 shares in the last quarter. New Century Financial Group LLC bought a new position in shares of McDonald’s during the 1st quarter valued at approximately $303,000. Van ECK Associates Corp boosted its position in shares of McDonald’s by 3.1% during the 1st quarter. Van ECK Associates Corp now owns 16,166 shares of the fast-food giant’s stock valued at $4,558,000 after acquiring an additional 484 shares during the last quarter. Finally, Norden Group LLC boosted its position in shares of McDonald’s by 31.7% during the 1st quarter. Norden Group LLC now owns 5,064 shares of the fast-food giant’s stock valued at $1,428,000 after acquiring an additional 1,219 shares during the last quarter. 70.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at McDonald’s

In other news, insider Joseph M. Erlinger sold 1,098 shares of the company’s stock in a transaction on 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 owns 12,583 shares of the company’s stock, valued at $3,632,712.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Joseph M. Erlinger sold 1,098 shares of the company’s stock in a transaction on 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 owns 12,583 shares of the company’s stock, valued at $3,632,712.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Marion K. Gross sold 1,498 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $286.36, for a total value of $428,967.28. Following the completion of the transaction, the executive vice president now directly owns 1,560 shares in the company, valued at approximately $446,721.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,097 shares of company stock worth $10,256,818 in the last three months. 0.23% of the stock is owned by corporate insiders.

McDonald’s Stock Down 1.1 %

Shares of NYSE:MCD opened at $291.64 on Thursday. The business has a fifty day moving average of $298.19 and a two-hundred day moving average of $275.47. The stock has a market cap of $209.21 billion, a P/E ratio of 25.52, a PEG ratio of 4.13 and a beta of 0.73. McDonald’s Co. has a 52-week low of $243.53 and a 52-week high of $317.90.

McDonald’s (NYSE:MCD) last issued its earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.18 by $0.05. The company had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.82 billion. McDonald’s had a negative return on equity of 178.68% and a net margin of 32.25%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.19 EPS. On average, equities analysts anticipate that McDonald’s Co. will post 11.73 earnings per share for the current year.

McDonald’s Increases Dividend

The business 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 is a boost from McDonald’s’s previous quarterly dividend of $1.67. This represents a $7.08 annualized dividend and a yield of 2.43%. The ex-dividend date is Monday, December 2nd. McDonald’s’s dividend payout ratio is presently 61.94%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MCD shares. Baird R W downgraded McDonald’s from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on McDonald’s from $270.00 to $290.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Tigress Financial lifted their target price on McDonald’s from $355.00 to $360.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. KeyCorp raised their price target on McDonald’s from $305.00 to $330.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Morgan Stanley raised their price target on McDonald’s from $296.00 to $340.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $318.74.

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.