Ping Capital Management Inc. Grows Stock Position in McDonald’s Corporation $MCD

Ping Capital Management Inc. raised its holdings in McDonald’s Corporation (NYSE:MCD) by 23.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,600 shares of the fast-food giant’s stock after acquiring an additional 500 shares during the quarter. Ping Capital Management Inc.’s holdings in McDonald’s were worth $760,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Trinity Legacy Partners LLC bought a new position in McDonald’s in the 2nd quarter valued at $2,470,000. Hilltop National Bank bought a new position in McDonald’s in the 2nd quarter valued at $768,000. Triad Wealth Partners LLC grew its position in McDonald’s by 26.9% in the 2nd quarter. Triad Wealth Partners LLC now owns 2,048 shares of the fast-food giant’s stock valued at $598,000 after acquiring an additional 434 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in McDonald’s by 8.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 105,529 shares of the fast-food giant’s stock valued at $30,832,000 after acquiring an additional 7,783 shares during the last quarter. Finally, Jmac Enterprises LLC grew its position in McDonald’s by 18.2% in the 2nd quarter. Jmac Enterprises LLC now owns 3,244 shares of the fast-food giant’s stock valued at $948,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 70.29% of the company’s stock.

McDonald’s Stock Down 0.1%

Shares of NYSE:MCD opened at $300.09 on Friday. McDonald’s Corporation has a 52-week low of $276.53 and a 52-week high of $326.32. The stock has a market cap of $214.15 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 3.06 and a beta of 0.50. The business has a 50-day moving average price of $306.88 and a 200-day moving average price of $306.19.

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

McDonald’s Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were issued a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. McDonald’s’s dividend payout ratio (DPR) is 60.67%.

Insider Buying and Selling

In related news, insider Joseph M. Erlinger sold 939 shares of the firm’s stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $299.49, for a total transaction of $281,221.11. Following the sale, the insider directly owned 9,283 shares of the company’s stock, valued at $2,780,165.67. This trade represents a 9.19% 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. Also, CMO Edith Morgan Flatley sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $315.00, for a total value of $315,000.00. Following the sale, the chief marketing officer directly owned 6,858 shares in the company, valued at approximately $2,160,270. This trade represents a 12.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,402 shares of company stock valued at $2,273,407 in the last three months. 0.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MCD. Evercore ISI increased their price target on McDonald’s from $350.00 to $360.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. TD Securities restated a “hold” rating and set a $305.00 price objective on shares of McDonald’s in a research note on Thursday, June 5th. TD Cowen upped their price objective on McDonald’s from $305.00 to $315.00 and gave the stock a “hold” rating in a research note on Wednesday, August 6th. Guggenheim restated a “neutral” rating on shares of McDonald’s in a research note on Friday, August 8th. Finally, Truist Financial upped their price objective on McDonald’s from $356.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. 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 stock. According to MarketBeat.com, McDonald’s has a consensus rating of “Hold” and an average target price of $325.86.

About McDonald’s

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.