McDonald’s Corporation (NYSE:MCD) Shares Sold by Corundum Group Inc.

Corundum Group Inc. reduced its stake in McDonald’s Corporation (NYSE:MCD) by 35.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,471 shares of the fast-food giant’s stock after selling 1,924 shares during the period. Corundum Group Inc.’s holdings in McDonald’s were worth $1,084,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MCD. Norges Bank bought a new position in McDonald’s during the 4th quarter worth approximately $2,725,190,000. GAMMA Investing LLC raised its holdings in McDonald’s by 39,039.7% during the first quarter. GAMMA Investing LLC now owns 3,497,919 shares of the fast-food giant’s stock worth $1,092,645,000 after purchasing an additional 3,488,982 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in McDonald’s in the 4th quarter valued at about $703,074,000. Castlekeep Investment Advisors LLC acquired a new stake in McDonald’s during the 4th quarter valued at $350,935,000. Finally, Northern Trust Corp lifted its holdings in shares of McDonald’s by 11.2% in the fourth quarter. Northern Trust Corp now owns 8,867,193 shares of the fast-food giant’s stock valued at $2,570,511,000 after purchasing an additional 895,896 shares in the last quarter. Hedge funds and other institutional investors own 70.29% of the company’s stock.

Insider Buying and Selling at McDonald’s

In other news, insider Joseph M. Erlinger sold 939 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $288.52, for a total value of $270,920.28. Following the transaction, the insider now directly owns 10,222 shares of the company’s stock, valued at $2,949,251.44. The trade was a 8.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 2,817 shares of company stock worth $865,843 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

MCD has been the topic of several recent analyst reports. Piper Sandler upped their price target on McDonald’s from $292.00 to $314.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. BTIG Research restated a “neutral” rating on shares of McDonald’s in a report on Tuesday, April 22nd. Loop Capital downgraded shares of McDonald’s from a “buy” rating to a “hold” rating and lowered their price objective for the company from $346.00 to $315.00 in a research report on Friday, June 6th. Morgan Stanley reiterated an “equal weight” rating and issued a $324.00 target price (down previously from $329.00) on shares of McDonald’s in a research report on Monday, June 9th. Finally, Redburn Atlantic reissued a “sell” rating and set a $260.00 target price (down previously from $319.00) on shares of McDonald’s in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $321.79.

McDonald’s Stock Up 0.7%

McDonald’s stock opened at $291.50 on Wednesday. McDonald’s Corporation has a 12 month low of $243.53 and a 12 month high of $326.32. The stock has a market cap of $208.43 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 3.02 and a beta of 0.56. The business has a 50 day moving average price of $309.60 and a two-hundred day moving average price of $302.72.

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

McDonald’s Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Monday, June 2nd. McDonald’s’s dividend payout ratio is currently 62.49%.

McDonald’s Company 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.