Kornitzer Capital Management Inc. KS Sells 258 Shares of McDonald’s Co. (NYSE:MCD)

Kornitzer Capital Management Inc. KS lessened its holdings in shares of McDonald’s Co. (NYSE:MCD) by 0.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,479 shares of the fast-food giant’s stock after selling 258 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in McDonald’s were worth $12,326,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in MCD. Kings Path Partners LLC bought a new stake in McDonald’s in the 2nd quarter valued at $38,000. Opal Wealth Advisors LLC bought a new position in shares of McDonald’s during the 2nd quarter valued at approximately $59,000. Bbjs Financial Advisors LLC bought a new stake in McDonald’s in the second quarter worth $65,000. Macroview Investment Management LLC lifted its position in McDonald’s by 433.3% during the second quarter. Macroview Investment Management LLC now owns 256 shares of the fast-food giant’s stock valued at $65,000 after purchasing an additional 208 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of McDonald’s in the 2nd quarter worth about $75,000. 70.29% of the stock is owned by hedge funds and other institutional investors.

McDonald’s Stock Up 0.6 %

Shares of NYSE MCD traded up $1.72 during mid-day trading on Thursday, reaching $295.72. 312,517 shares of the company were exchanged, compared to its average volume of 3,513,978. The stock has a market cap of $212.13 billion, a price-to-earnings ratio of 25.81, a P/E/G ratio of 3.89 and a beta of 0.74. The firm has a 50-day moving average of $298.74 and a 200 day moving average of $276.35. McDonald’s Co. has a 1 year low of $243.53 and a 1 year high of $317.90.

McDonald’s (NYSE:MCD) last issued its quarterly earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.05. The business had revenue of $6.87 billion during the quarter, compared to the consensus estimate of $6.82 billion. McDonald’s had a negative return on equity of 178.99% and a net margin of 31.79%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $3.19 earnings per share. On average, equities analysts forecast that McDonald’s Co. will post 11.77 earnings per share for the current year.

McDonald’s Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $1.77 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $7.08 dividend on an annualized basis and a yield of 2.39%. This is a boost from McDonald’s’s previous quarterly dividend of $1.67. McDonald’s’s payout ratio is currently 62.16%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on McDonald’s from $296.00 to $340.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Argus upgraded McDonald’s from a “hold” rating to a “buy” rating in a research report on Tuesday, October 8th. Wedbush reiterated an “outperform” rating and set a $295.00 price objective on shares of McDonald’s in a research report on Wednesday, October 23rd. Truist Financial lowered their target price on shares of McDonald’s from $350.00 to $342.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, UBS Group upped their price target on shares of McDonald’s from $305.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Thirteen investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $319.46.

Insider Buying and Selling

In related news, EVP Marion K. Gross sold 1,499 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $294.51, for a total value of $441,470.49. Following the transaction, the executive vice president now owns 1,560 shares in the company, valued at approximately $459,435.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 in the company, valued at $3,036,366.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Marion K. Gross sold 1,499 shares of the company’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 position. The disclosure for this sale can be found here. Insiders sold 35,596 shares of company stock valued at $10,698,289 over the last quarter. 0.23% of the stock is currently owned by company insiders.

McDonald’s Company Profile

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.