Truist Financial Corp Reduces Holdings in McDonald’s Corporation $MCD

Truist Financial Corp trimmed its stake in McDonald’s Corporation (NYSE:MCD) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 414,801 shares of the fast-food giant’s stock after selling 9,662 shares during the period. Truist Financial Corp owned approximately 0.06% of McDonald’s worth $121,193,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in McDonald’s by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 70,409,095 shares of the fast-food giant’s stock worth $21,993,689,000 after purchasing an additional 239,753 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in McDonald’s by 16.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,341,460 shares of the fast-food giant’s stock worth $2,917,993,000 after purchasing an additional 1,344,954 shares during the last quarter. Northern Trust Corp grew its position in McDonald’s by 1.1% during the 1st quarter. Northern Trust Corp now owns 8,965,159 shares of the fast-food giant’s stock worth $2,800,447,000 after purchasing an additional 97,966 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in McDonald’s by 2.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,142,473 shares of the fast-food giant’s stock worth $1,606,354,000 after purchasing an additional 123,454 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in McDonald’s by 19.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,982,825 shares of the fast-food giant’s stock worth $1,556,485,000 after purchasing an additional 815,768 shares during the last quarter. 70.29% of the stock is owned by hedge funds and other institutional investors.

McDonald’s Stock Up 0.3%

Shares of NYSE MCD opened at $303.99 on Wednesday. McDonald’s Corporation has a 52 week low of $276.53 and a 52 week high of $326.32. The firm has a 50-day moving average price of $306.72 and a 200 day moving average price of $306.25. The stock has a market capitalization of $216.93 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 3.09 and a beta of 0.50.

McDonald’s (NYSE:MCD) last announced its quarterly earnings data on Wednesday, August 6th. The fast-food giant reported $3.19 EPS for the quarter, beating the consensus estimate of $3.15 by $0.04. McDonald’s had a net margin of 32.21% and a negative return on equity of 225.52%. The firm had revenue of $6.84 billion during the quarter, compared to analysts’ expectations of $6.68 billion. During the same quarter last year, the business earned $2.97 earnings per share. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts expect that McDonald’s Corporation will post 12.25 EPS for the current fiscal year.

McDonald’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were paid a $1.77 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $7.08 annualized dividend and a dividend yield of 2.3%. McDonald’s’s dividend payout ratio (DPR) is 60.67%.

Analysts Set New Price Targets

Several brokerages have issued reports on MCD. TD Securities reissued a “hold” rating and set a $305.00 price objective on shares of McDonald’s in a research report on Thursday, June 5th. Barclays raised their price objective on shares of McDonald’s from $355.00 to $360.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Loop Capital downgraded shares of McDonald’s from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $346.00 to $315.00 in a research report on Friday, June 6th. TD Cowen lifted their target price on shares of McDonald’s from $305.00 to $315.00 and gave the company a “hold” rating in a report on Wednesday, August 6th. Finally, Redburn Atlantic reaffirmed a “sell” rating and issued a $260.00 target price (down previously from $319.00) on shares of McDonald’s in a report on Tuesday, June 10th. Eleven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, McDonald’s currently has a consensus rating of “Hold” and an average price target of $325.86.

Insider Activity at McDonald’s

In related news, EVP Jonathan Banner sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $310.00, for a total value of $310,000.00. Following the completion of the sale, the executive vice president owned 99 shares in the company, valued at $30,690. This trade represents a 90.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Edith Morgan Flatley sold 1,000 shares of McDonald’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $315.00, for a total transaction of $315,000.00. Following the transaction, the chief marketing officer owned 6,858 shares of the company’s stock, valued at approximately $2,160,270. The trade was a 12.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,402 shares of company stock worth $2,273,407 over the last three months. 0.25% of the stock is currently owned by company insiders.

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.