Martingale Asset Management L P Sells 99,622 Shares of McDonald’s Co. (NYSE:MCD)

Martingale Asset Management L P reduced its position in McDonald’s Co. (NYSE:MCD) by 98.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,209 shares of the fast-food giant’s stock after selling 99,622 shares during the quarter. Martingale Asset Management L P’s holdings in McDonald’s were worth $368,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Legal & General Group Plc raised its position in McDonald’s by 3.2% during the second quarter. Legal & General Group Plc now owns 6,149,080 shares of the fast-food giant’s stock valued at $1,567,030,000 after purchasing an additional 188,888 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of McDonald’s by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,564,359 shares of the fast-food giant’s stock worth $1,694,403,000 after buying an additional 49,106 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of McDonald’s by 8.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,761,625 shares of the fast-food giant’s stock worth $1,216,677,000 after buying an additional 354,196 shares in the last quarter. International Assets Investment Management LLC boosted its stake in McDonald’s by 31,151.1% in the third quarter. International Assets Investment Management LLC now owns 2,319,142 shares of the fast-food giant’s stock valued at $706,202,000 after buying an additional 2,311,721 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in McDonald’s by 1.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,015,441 shares of the fast-food giant’s stock valued at $613,722,000 after buying an additional 22,780 shares in the last quarter. 70.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Joseph M. Erlinger sold 1,099 shares of the company’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 completion of the transaction, the insider now directly owns 11,484 shares of the company’s stock, valued at $3,428,777.88. This represents a 8.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Christopher J. Kempczinski sold 11,727 shares of McDonald’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $300.03, for a total value of $3,518,451.81. Following the sale, the chief executive officer now owns 49,885 shares in the company, valued at $14,966,996.55. This trade represents a 19.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,099 shares of company stock worth $10,273,786. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on MCD. Baird R W cut shares of McDonald’s from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 23rd. BMO Capital Markets increased their price objective on shares of McDonald’s from $315.00 to $335.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Barclays boosted their target price on shares of McDonald’s from $300.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Truist Financial dropped their price target on McDonald’s from $350.00 to $342.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Finally, Tigress Financial boosted their price objective on McDonald’s from $355.00 to $360.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Thirteen analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $319.64.

McDonald’s Stock Up 0.7 %

Shares of NYSE:MCD opened at $294.50 on Wednesday. McDonald’s Co. has a twelve month low of $243.53 and a twelve month high of $317.90. The stock’s 50 day moving average is $299.72 and its 200-day moving average is $279.33. The firm has a market capitalization of $211.04 billion, a price-to-earnings ratio of 25.86, a PEG ratio of 3.89 and a beta of 0.73.

McDonald’s (NYSE:MCD) last released its quarterly earnings data 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 net margin of 31.79% and a negative return on equity of 175.42%. The firm had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.82 billion. During the same quarter in the prior year, the company posted $3.19 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Equities research analysts anticipate that McDonald’s Co. will post 11.77 earnings per share for the current fiscal year.

McDonald’s Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $1.77 dividend. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Monday, December 2nd. This is a positive change from McDonald’s’s previous quarterly dividend of $1.67. McDonald’s’s dividend payout ratio (DPR) is currently 62.16%.

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.