Truist Financial Cuts McDonald’s (NYSE:MCD) Price Target to $350.00

McDonald’s (NYSE:MCD) had its price target reduced by Truist Financial from $360.00 to $350.00 in a research note released on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the fast-food giant’s stock.

MCD has been the topic of several other research reports. Melius assumed coverage on McDonald’s in a research note on Monday, July 14th. They issued a “sell” rating and a $250.00 price target on the stock. The Goldman Sachs Group upgraded McDonald’s from a “neutral” rating to a “buy” rating and set a $345.00 price objective on the stock in a research report on Thursday, July 10th. Morgan Stanley boosted their price objective on McDonald’s from $324.00 to $326.00 and gave the stock an “equal weight” rating in a research report on Monday, July 14th. KeyCorp restated an “overweight” rating and set a $335.00 price objective (up previously from $325.00) on shares of McDonald’s in a research report on Thursday, August 7th. Finally, Evercore ISI boosted their price objective on McDonald’s from $350.00 to $360.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Eleven investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $324.27.

McDonald’s Stock Performance

Shares of MCD opened at $305.33 on Tuesday. McDonald’s has a 52-week low of $276.53 and a 52-week high of $326.32. The business’s fifty day moving average is $306.24 and its 200-day moving average is $305.58. The firm has a market cap of $217.88 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 3.22 and a beta of 0.50.

McDonald’s (NYSE:MCD) last issued its quarterly earnings results on Wednesday, August 6th. The fast-food giant reported $3.19 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.84 billion for the quarter, compared to analyst estimates of $6.68 billion. During the same quarter last year, the company posted $2.97 EPS. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, research analysts forecast that McDonald’s will post 12.25 EPS for the current fiscal year.

McDonald’s Announces Dividend

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

Insider Buying and Selling

In other McDonald’s news, CMO Edith Morgan Flatley sold 1,000 shares of the company’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 owned 6,858 shares in the company, valued at approximately $2,160,270. The trade was a 12.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Desiree Ralls-Morrison sold 2,487 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $310.00, for a total value of $770,970.00. Following the completion of the sale, the executive vice president owned 8,754 shares in the company, valued at $2,713,740. This trade represents a 22.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,402 shares of company stock worth $1,973,407. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of McDonald’s by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 71,331,031 shares of the fast-food giant’s stock valued at $20,840,787,000 after purchasing an additional 921,936 shares during the period. State Street Corp lifted its stake in shares of McDonald’s by 0.8% in the 2nd quarter. State Street Corp now owns 34,828,352 shares of the fast-food giant’s stock valued at $10,175,800,000 after purchasing an additional 272,139 shares during the period. Geode Capital Management LLC lifted its stake in shares of McDonald’s by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 16,828,420 shares of the fast-food giant’s stock valued at $4,901,595,000 after purchasing an additional 276,065 shares during the period. Norges Bank acquired a new position in shares of McDonald’s in the 2nd quarter valued at about $2,780,712,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of McDonald’s by 16.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,341,460 shares of the fast-food giant’s stock valued at $2,917,993,000 after purchasing an additional 1,344,954 shares during the period. 70.29% of the stock is owned by institutional investors and hedge funds.

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.