First Financial Bankshares Inc Boosts Stock Position in McDonald’s Co. (NYSE:MCD)

27 Oct 2024, 18:04 by Mitch Edgeman · The Markets Daily

First Financial Bankshares Inc boosted its holdings in shares of McDonald’s Co. (NYSE:MCD – Free Report) by 11.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 313,961 shares of the fast-food giant’s stock after acquiring an additional 32,890 shares during the quarter. McDonald’s accounts for 2.0% of First Financial Bankshares Inc’s portfolio, making the stock its 11th biggest holding. First Financial Bankshares Inc’s holdings in McDonald’s were worth $95,604,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Legal & General Group Plc raised its position in McDonald’s by 3.2% during the 2nd 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. Capital Research Global Investors raised its position in McDonald’s by 66.9% during the 1st quarter. Capital Research Global Investors now owns 5,471,007 shares of the fast-food giant’s stock valued at $1,542,550,000 after purchasing an additional 2,193,769 shares in the last quarter. Ameriprise Financial Inc. raised its position in 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 valued at $1,216,677,000 after purchasing an additional 354,196 shares in the last quarter. Capital World Investors raised its position in McDonald’s by 39.7% during the 1st quarter. Capital World Investors now owns 3,565,398 shares of the fast-food giant’s stock valued at $1,005,264,000 after purchasing an additional 1,012,534 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in McDonald’s by 31,151.1% during the 3rd 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 purchasing an additional 2,311,721 shares in the last quarter. Hedge funds and other institutional investors own 70.29% of the company’s stock.

McDonald’s Stock Down 3.0 %

Shares of NYSE:MCD traded down $8.97 during trading on Friday, hitting $292.61. The stock had a trading volume of 8,863,234 shares, compared to its average volume of 3,475,984. McDonald’s Co. has a 12-month low of $243.53 and a 12-month high of $317.90. The stock has a market capitalization of $210.88 billion, a price-to-earnings ratio of 24.84, a price-to-earnings-growth ratio of 4.13 and a beta of 0.73. The stock has a 50-day simple moving average of $297.78 and a two-hundred day simple moving average of $274.91.

McDonald’s (NYSE:MCD – Get Free Report) last announced its quarterly earnings data on Monday, July 29th. The fast-food giant reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.10). The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.62 billion. McDonald’s had a negative return on equity of 178.68% and a net margin of 32.25%. The company’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.17 earnings per share. As a group, sell-side analysts forecast 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. Investors of record on Monday, December 2nd will be issued a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a yield of 2.42%. This is a positive change from McDonald’s’s previous quarterly dividend of $1.67. The ex-dividend date of this dividend is Monday, December 2nd. McDonald’s’s dividend payout ratio (DPR) is 60.10%.

Insider Buying and Selling

In related news, insider Joseph M. Erlinger sold 1,099 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $292.38, for a total transaction of $321,325.62. Following the sale, the insider now directly owns 10,385 shares of the company’s stock, valued at $3,036,366.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other McDonald’s news, EVP Marion K. Gross sold 1,498 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $286.36, for a total value of $428,967.28. Following the sale, the executive vice president now directly owns 1,560 shares of the company’s stock, valued at approximately $446,721.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph M. Erlinger sold 1,099 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $292.38, for a total value of $321,325.62. Following the completion of the sale, the insider now directly owns 10,385 shares in the company, valued at approximately $3,036,366.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,097 shares of company stock valued at $10,256,818 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Evercore ISI lifted their target price on McDonald’s from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 15th. Wells Fargo & Company lifted their target price on McDonald’s from $285.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Truist Financial boosted their price target on McDonald’s from $295.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Barclays boosted their price target 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, Jefferies Financial Group boosted their price target on McDonald’s from $310.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. Thirteen research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $318.22.

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