CNB Bank Trims Stock Position in McDonald’s Corporation $MCD

CNB Bank reduced its stake in shares of McDonald’s Corporation (NYSE:MCD) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,706 shares of the fast-food giant’s stock after selling 137 shares during the quarter. McDonald’s makes up about 0.9% of CNB Bank’s holdings, making the stock its 24th biggest holding. CNB Bank’s holdings in McDonald’s were worth $1,959,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MCD. Nuveen LLC purchased a new position in McDonald’s during the 1st quarter valued at $1,324,961,000. Price T Rowe Associates Inc. MD grew its position 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 worth $2,917,993,000 after buying an additional 1,344,954 shares during the period. Goldman Sachs Group Inc. grew its position in shares of McDonald’s by 19.6% in 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 buying an additional 815,768 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of McDonald’s by 732.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 650,544 shares of the fast-food giant’s stock worth $203,211,000 after buying an additional 572,408 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of McDonald’s by 204.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 607,145 shares of the fast-food giant’s stock worth $177,390,000 after buying an additional 407,982 shares during the period. 70.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Desiree Ralls-Morrison sold 2,487 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was 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 directly owned 8,754 shares in the company, valued at $2,713,740. This trade represents a 22.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Edith Morgan Flatley sold 1,000 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $315.00, for a total value of $315,000.00. Following the completion of the sale, the chief marketing officer owned 6,858 shares of the company’s stock, valued at approximately $2,160,270. This represents a 12.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,463 shares of company stock worth $1,692,186 over the last three months. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of McDonald’s in a research report on Wednesday, October 8th. Stifel Nicolaus upped their target price on shares of McDonald’s from $300.00 to $315.00 and gave the stock a “hold” rating in a research report on Friday, August 22nd. Piper Sandler reaffirmed a “neutral” rating and issued a $325.00 target price on shares of McDonald’s in a research report on Wednesday. Citigroup reduced their target price on shares of McDonald’s from $381.00 to $375.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Melius began coverage on shares of McDonald’s in a research report on Monday, July 14th. They set a “sell” rating and a $250.00 price objective on the stock. Eleven investment 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $324.50.

McDonald’s Stock Down 0.3%

Shares of NYSE:MCD opened at $306.05 on Friday. The firm’s 50 day moving average price is $306.49 and its 200-day moving average price is $305.61. McDonald’s Corporation has a twelve month low of $276.53 and a twelve month high of $326.32. The stock has a market capitalization of $218.39 billion, a PE ratio of 26.23, a price-to-earnings-growth ratio of 3.24 and a beta of 0.50.

McDonald’s (NYSE:MCD) last issued its quarterly earnings data on Wednesday, August 6th. The fast-food giant reported $3.19 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $6.68 billion. During the same quarter in the prior year, the business earned $2.97 EPS. The business’s quarterly revenue was up 5.4% on a year-over-year basis. Analysts expect that McDonald’s Corporation will post 12.25 earnings per share for the current fiscal year.

McDonald’s Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a $1.86 dividend. This is a boost from McDonald’s’s previous quarterly dividend of $1.77. This represents a $7.44 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, December 1st. McDonald’s’s dividend payout ratio is 60.67%.

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.