Harvest Portfolios Group Inc. Lowers Position in McDonald’s Co. (NYSE:MCD)

06 Nov 2024, 13:30 by Doug Wharley · The Cerbat Gem

Harvest Portfolios Group Inc. reduced its position in shares of McDonald’s Co. (NYSE:MCD – Free Report) by 3.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 61,799 shares of the fast-food giant’s stock after selling 2,110 shares during the period. Harvest Portfolios Group Inc.’s holdings in McDonald’s were worth $18,818,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Steigerwald Gordon & Koch Inc. boosted its position in shares of McDonald’s by 2.4% in the third quarter. Steigerwald Gordon & Koch Inc. now owns 1,422 shares of the fast-food giant’s stock worth $433,000 after buying an additional 33 shares during the period. Riversedge Advisors LLC raised its position in McDonald’s by 2.0% during the third quarter. Riversedge Advisors LLC now owns 1,686 shares of the fast-food giant’s stock valued at $513,000 after buying an additional 33 shares during the period. Proquility Private Wealth Partners LLC lifted its stake in McDonald’s by 1.0% in the 3rd quarter. Proquility Private Wealth Partners LLC now owns 3,472 shares of the fast-food giant’s stock worth $1,057,000 after acquiring an additional 35 shares in the last quarter. Clear Creek Financial Management LLC boosted its position in McDonald’s by 2.8% during the 3rd quarter. Clear Creek Financial Management LLC now owns 1,300 shares of the fast-food giant’s stock worth $396,000 after acquiring an additional 35 shares during the period. Finally, Founders Financial Alliance LLC grew its stake in McDonald’s by 0.7% during the 2nd quarter. Founders Financial Alliance LLC now owns 4,980 shares of the fast-food giant’s stock valued at $1,269,000 after acquiring an additional 36 shares in the last quarter. Institutional investors and hedge funds own 70.29% of the company’s stock.

McDonald’s Stock Up 1.0 %

NYSE:MCD opened at $300.20 on Wednesday. McDonald’s Co. has a 12-month low of $243.53 and a 12-month high of $317.90. The firm has a market capitalization of $215.35 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 3.92 and a beta of 0.74. The firm has a 50-day moving average price of $298.60 and a 200 day moving average price of $276.23.

McDonald’s (NYSE:MCD – Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.18 by $0.05. McDonald’s had a negative return on equity of 178.99% and a net margin of 31.79%. The firm had revenue of $6.87 billion for the quarter, compared to analysts’ expectations of $6.82 billion. During the same period in the prior year, the business posted $3.19 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. On average, research analysts expect that McDonald’s Co. will post 11.77 EPS for the current year.

McDonald’s Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $1.77 per share. This is an increase from McDonald’s’s previous quarterly dividend of $1.67. This represents a $7.08 annualized dividend and a yield of 2.36%. The ex-dividend date is Monday, December 2nd. McDonald’s’s dividend payout ratio (DPR) is currently 58.65%.

Insider Buying and Selling at McDonald’s

In other news, EVP Marion K. Gross sold 1,499 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $294.51, for a total value of $441,470.49. Following the transaction, the executive vice president now directly owns 1,560 shares of the company’s stock, valued at $459,435.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Marion K. Gross sold 1,499 shares of McDonald’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $294.51, for a total value of $441,470.49. Following the completion of the transaction, the executive vice president now directly owns 1,560 shares of the company’s stock, valued at $459,435.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Edith Morgan Flatley sold 2,346 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $310.00, for a total transaction of $727,260.00. Following the transaction, the chief marketing officer now owns 2,905 shares in the company, valued at approximately $900,550. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,596 shares of company stock worth $10,698,289 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. BMO Capital Markets increased their target price on shares of McDonald’s from $315.00 to $335.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Wedbush reiterated an “outperform” rating and set a $295.00 price target on shares of McDonald’s in a research note on Wednesday, October 23rd. Robert W. Baird downgraded McDonald’s from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $320.00 to $290.00 in a research note on Wednesday, October 23rd. Barclays upped their target price on McDonald’s from $300.00 to $325.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Tigress Financial lifted their price target on shares of McDonald’s from $355.00 to $360.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Thirteen research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $319.46.

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