Cetera Trust Company N.A Cuts Stake in McDonald’s Co. (NYSE:MCD)

22 Oct 2024, 11:58 by Teresa Graham · The Cerbat Gem

Cetera Trust Company N.A cut its holdings in shares of McDonald’s Co. (NYSE:MCD – Free Report) by 2.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,294 shares of the fast-food giant’s stock after selling 235 shares during the period. McDonald’s accounts for approximately 1.5% of Cetera Trust Company N.A’s investment portfolio, making the stock its 17th biggest holding. Cetera Trust Company N.A’s holdings in McDonald’s were worth $2,526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. purchased a new stake in McDonald’s in the first quarter valued at about $28,000. Kings Path Partners LLC purchased a new position in shares of McDonald’s in the 2nd quarter valued at approximately $38,000. Keener Financial Planning LLC boosted its stake in McDonald’s by 32.3% in the 1st quarter. Keener Financial Planning LLC now owns 176 shares of the fast-food giant’s stock worth $50,000 after purchasing an additional 43 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in McDonald’s during the 2nd quarter worth approximately $59,000. Finally, Redmont Wealth Advisors LLC acquired a new position in McDonald’s during the 1st quarter valued at approximately $69,000. Hedge funds and other institutional investors own 70.29% of the company’s stock.

Insider Activity

In related news, insider Joseph M. Erlinger sold 1,098 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $288.70, for a total transaction of $316,992.60. Following the completion of the sale, the insider now owns 12,583 shares of the company’s stock, valued at approximately $3,632,712.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CMO Edith Morgan Flatley sold 2,346 shares of McDonald’s stock in a transaction on 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 $900,550. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph M. Erlinger sold 1,098 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $288.70, for a total transaction of $316,992.60. Following the completion of the sale, the insider now directly owns 12,583 shares of the company’s stock, valued at $3,632,712.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,998 shares of company stock worth $9,935,493 over the last three months. Insiders own 0.23% of the company’s stock.

McDonald’s Price Performance

McDonald’s stock traded down $0.29 during midday trading on Tuesday, reaching $314.60. The company had a trading volume of 331,420 shares, compared to its average volume of 3,337,287. McDonald’s Co. has a 12-month low of $243.53 and a 12-month high of $317.90. The company has a market capitalization of $226.73 billion, a P/E ratio of 26.73, a P/E/G ratio of 4.05 and a beta of 0.73. The firm’s fifty day simple moving average is $295.53 and its 200-day simple moving average is $274.01.

McDonald’s (NYSE:MCD – Get Free Report) last released its earnings results on Monday, July 29th. The fast-food giant reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.10). McDonald’s had a net margin of 32.25% and a negative return on equity of 178.68%. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter last year, the business earned $3.17 EPS. The business’s revenue was down .1% compared to the same quarter last year. On average, analysts expect that McDonald’s Co. will post 11.71 EPS for the current fiscal year.

McDonald’s Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $1.77 dividend. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.25%. This is a boost from McDonald’s’s previous quarterly dividend of $1.67. The ex-dividend date is Monday, December 2nd. McDonald’s’s dividend payout ratio is 60.10%.

Analysts Set New Price Targets

MCD has been the subject of several research reports. Truist Financial lifted their price objective on shares of McDonald’s from $295.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Barclays lowered their price target on McDonald’s from $320.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Guggenheim increased their price objective on McDonald’s from $280.00 to $290.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Bank of America raised their price objective on McDonald’s from $308.00 to $322.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Tigress Financial upped their target price on McDonald’s from $355.00 to $360.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Ten investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $318.59.

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McDonald’s Profile

(Free Report)

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.