Cresset Asset Management LLC Sells 52,962 Shares of McDonald’s Co. (NYSE:MCD)

Cresset Asset Management LLC trimmed its position in shares of McDonald’s Co. (NYSE:MCD) by 27.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 140,569 shares of the fast-food giant’s stock after selling 52,962 shares during the period. Cresset Asset Management LLC’s holdings in McDonald’s were worth $40,750,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of McDonald’s during the 4th quarter worth approximately $2,725,190,000. Raymond James Financial Inc. bought a new stake in shares of McDonald’s during the fourth quarter worth $703,074,000. Castlekeep Investment Advisors LLC purchased a new stake in shares of McDonald’s during the fourth quarter valued at $350,935,000. Northern Trust Corp grew its holdings in shares of McDonald’s by 11.2% in the fourth quarter. Northern Trust Corp now owns 8,867,193 shares of the fast-food giant’s stock worth $2,570,511,000 after purchasing an additional 895,896 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in McDonald’s by 24.4% in the 4th quarter. Franklin Resources Inc. now owns 4,054,387 shares of the fast-food giant’s stock worth $1,175,326,000 after buying an additional 794,536 shares during the period. 70.29% of the stock is owned by hedge funds and other institutional investors.

McDonald’s Stock Performance

Shares of MCD stock opened at $315.73 on Tuesday. McDonald’s Co. has a fifty-two week low of $243.53 and a fifty-two week high of $326.32. The firm has a market capitalization of $225.77 billion, a price-to-earnings ratio of 27.72, a PEG ratio of 3.10 and a beta of 0.57. The stock’s 50-day simple moving average is $309.39 and its 200-day simple moving average is $299.88.

McDonald’s (NYSE:MCD) last posted its quarterly earnings data on Thursday, May 1st. The fast-food giant reported $2.67 EPS for the quarter, hitting the consensus estimate of $2.67. McDonald’s had a net margin of 31.73% and a negative return on equity of 181.63%. The business had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $6.17 billion. During the same period in the previous year, the firm posted $2.70 earnings per share. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, equities analysts forecast that McDonald’s Co. will post 12.25 earnings per share for the current year.

McDonald’s Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Monday, March 3rd. McDonald’s’s payout ratio is 62.49%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MCD. JPMorgan Chase & Co. boosted their price objective on shares of McDonald’s from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Erste Group Bank upgraded McDonald’s from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Robert W. Baird raised their price objective on McDonald’s from $300.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday. Wedbush upped their target price on McDonald’s from $320.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, February 11th. Finally, Piper Sandler raised their price target on McDonald’s from $292.00 to $314.00 and gave the company a “neutral” rating in a research note on Friday. Ten investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, McDonald’s presently has an average rating of “Moderate Buy” and a consensus price target of $325.48.

Insider Activity

In other McDonald’s news, CEO Christopher J. Kempczinski sold 10,500 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $310.05, for a total transaction of $3,255,525.00. Following the transaction, the chief executive officer now owns 32,756 shares in the company, valued at approximately $10,155,997.80. This represents a 24.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Edith Morgan Flatley sold 3,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $300.76, for a total value of $962,432.00. Following the transaction, the chief marketing officer now owns 9,858 shares in the company, valued at $2,964,892.08. This trade represents a 24.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,136 shares of company stock valued at $8,676,247 in the last ninety days. Insiders own 0.25% of the company’s stock.

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.