Penobscot Investment Management Company Inc. Has $3.03 Million Holdings in McDonald’s Corporation $MCD

Penobscot Investment Management Company Inc. trimmed its holdings in shares of McDonald’s Corporation (NYSE:MCD) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,383 shares of the fast-food giant’s stock after selling 50 shares during the period. Penobscot Investment Management Company Inc.’s holdings in McDonald’s were worth $3,034,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Nova Wealth Management Inc. acquired a new position in shares of McDonald’s during the 1st quarter worth about $26,000. HFM Investment Advisors LLC acquired a new position in shares of McDonald’s during the 1st quarter worth about $26,000. Abound Financial LLC acquired a new position in shares of McDonald’s during the 1st quarter worth about $30,000. Redmont Wealth Advisors LLC acquired a new position in shares of McDonald’s during the 1st quarter worth about $31,000. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of McDonald’s during the 1st quarter worth about $31,000. 70.29% of the stock is currently owned by institutional investors and hedge funds.

McDonald’s Stock Performance

Shares of NYSE:MCD opened at $300.72 on Friday. McDonald’s Corporation has a 52-week low of $276.53 and a 52-week high of $326.32. The company has a market capitalization of $214.59 billion, a P/E ratio of 25.77, a price-to-earnings-growth ratio of 3.05 and a beta of 0.50. The company has a 50-day simple moving average of $306.93 and a 200 day simple moving average of $306.17.

McDonald’s (NYSE:MCD) last issued 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. The firm had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $6.68 billion. McDonald’s had a net margin of 32.21% and a negative return on equity of 225.52%. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the business posted $2.97 earnings per share. As a group, equities analysts forecast that McDonald’s Corporation will post 12.25 earnings per share for the current year.

McDonald’s Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MCD. JPMorgan Chase & Co. increased their price objective on shares of McDonald’s from $305.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Argus downgraded shares of McDonald’s from a “buy” rating to a “hold” rating in a research note on Friday, June 13th. Stifel Nicolaus increased their price objective on shares of McDonald’s from $300.00 to $315.00 and gave the stock a “hold” rating in a research note on Friday, August 22nd. Citigroup raised their target price on shares of McDonald’s from $373.00 to $381.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Finally, Bank of America cut their target price on shares of McDonald’s from $327.00 to $322.00 and set a “neutral” rating for the company in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, McDonald’s presently has an average rating of “Hold” and an average price target of $325.86.

Insider Activity at McDonald’s

In other McDonald’s news, EVP Jonathan Banner sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $310.00, for a total transaction of $310,000.00. Following the completion of the sale, the executive vice president directly 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 legal filing with the SEC, which is available at this hyperlink. Also, EVP Desiree Ralls-Morrison sold 2,487 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $310.00, for a total transaction of $770,970.00. Following the sale, the executive vice president owned 8,754 shares of the company’s stock, valued at $2,713,740. This trade represents a 22.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,402 shares of company stock valued at $2,273,407. 0.25% of the stock is currently owned by insiders.

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.