Palumbo Wealth Management LLC Buys 2,361 Shares of McDonald’s Corporation (NYSE:MCD)

Palumbo Wealth Management LLC grew its holdings in shares of McDonald’s Corporation (NYSE:MCD) by 25.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 11,622 shares of the fast-food giant’s stock after buying an additional 2,361 shares during the period. McDonald’s accounts for 1.2% of Palumbo Wealth Management LLC’s portfolio, making the stock its 21st largest position. Palumbo Wealth Management LLC’s holdings in McDonald’s were worth $3,630,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Mascagni Wealth Management Inc. bought a new position in shares of McDonald’s during the fourth quarter valued at approximately $25,000. Atala Financial Inc bought a new position in shares of McDonald’s during the fourth quarter valued at approximately $26,000. Pinney & Scofield Inc. bought a new position in shares of McDonald’s during the fourth quarter valued at approximately $29,000. Fairway Wealth LLC grew its stake in McDonald’s by 110.0% in the fourth quarter. Fairway Wealth LLC now owns 105 shares of the fast-food giant’s stock worth $30,000 after purchasing an additional 55 shares in the last quarter. Finally, GKV Capital Management Co. Inc. bought a new position in McDonald’s in the fourth quarter worth approximately $30,000. Institutional investors own 70.29% of the company’s stock.

McDonald’s Price Performance

McDonald’s stock opened at $286.75 on Monday. The stock has a market capitalization of $205.04 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 3.00 and a beta of 0.56. McDonald’s Corporation has a 1-year low of $243.53 and a 1-year high of $326.32. The business has a fifty day moving average price of $310.55 and a 200-day moving average price of $302.86.

McDonald’s (NYSE:MCD) last posted its quarterly earnings data on Thursday, May 1st. The fast-food giant reported $2.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.67. The firm had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $6.17 billion. McDonald’s had a negative return on equity of 195.27% and a net margin of 31.75%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.70 EPS. On average, equities research analysts anticipate that McDonald’s Corporation will post 12.25 earnings per share for the current fiscal year.

McDonald’s Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a $1.77 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.47%. McDonald’s’s payout ratio is 62.49%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MCD. Erste Group Bank cut McDonald’s from a “strong-buy” rating to a “hold” rating in a research note on Saturday, May 24th. BMO Capital Markets reissued an “outperform” rating and issued a $345.00 price objective (up previously from $340.00) on shares of McDonald’s in a research note on Monday, May 5th. Redburn Atlantic reissued a “sell” rating and issued a $260.00 price objective (down previously from $319.00) on shares of McDonald’s in a research note on Tuesday, June 10th. Northcoast Research cut McDonald’s from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 6th. Finally, Citigroup increased their price objective on McDonald’s from $353.00 to $364.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $321.79.

Insider Transactions at McDonald’s

In other news, insider Joseph M. Erlinger sold 939 shares of the firm’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $315.07, for a total value of $295,850.73. Following the completion of the sale, the insider now owns 11,161 shares of the company’s stock, valued at $3,516,496.27. This trade represents a 7.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.25% of the company’s stock.

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.