Lorne Steinberg Wealth Management Inc. Cuts Holdings in McDonald’s Co. (NYSE:MCD)

Lorne Steinberg Wealth Management Inc. decreased its position in McDonald’s Co. (NYSE:MCD) by 15.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,088 shares of the fast-food giant’s stock after selling 192 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in McDonald’s were worth $277,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of McDonald’s during the first quarter worth about $28,000. Signature Resources Capital Management LLC purchased a new stake in shares of McDonald’s during the fourth quarter worth about $31,000. Clear Investment Research LLC purchased a new stake in shares of McDonald’s during the fourth quarter worth about $38,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of McDonald’s during the fourth quarter worth about $39,000. Finally, Accent Capital Management LLC purchased a new stake in shares of McDonald’s during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 70.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Morgan Stanley cut their target price on shares of McDonald’s from $312.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, July 11th. BMO Capital Markets dropped their price objective on shares of McDonald’s from $330.00 to $315.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. JPMorgan Chase & Co. dropped their price objective on shares of McDonald’s from $290.00 to $270.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Truist Financial dropped their price objective on shares of McDonald’s from $300.00 to $295.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Finally, Jefferies Financial Group dropped their price objective on shares of McDonald’s from $320.00 to $310.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Eleven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $303.00.

Insider Buying and Selling

In related news, insider Joseph M. Erlinger sold 1,099 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $265.13, for a total transaction of $291,377.87. Following the sale, the insider now directly owns 15,878 shares of the company’s stock, valued at approximately $4,209,734.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Marion K. Gross sold 1,498 shares of McDonald’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $248.26, for a total value of $371,893.48. Following the sale, the executive vice president now owns 1,560 shares of the company’s stock, valued at $387,285.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joseph M. Erlinger sold 1,099 shares of McDonald’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $265.13, for a total transaction of $291,377.87. Following the completion of the sale, the insider now directly owns 15,878 shares in the company, valued at approximately $4,209,734.14. The disclosure for this sale can be found here. Insiders have sold a total of 4,794 shares of company stock valued at $1,234,491 in the last ninety days. Company insiders own 0.23% of the company’s stock.

McDonald’s Price Performance

Shares of MCD stock traded up $3.62 during trading hours on Friday, hitting $278.49. The company had a trading volume of 3,200,367 shares, compared to its average volume of 3,568,595. The company’s fifty day moving average is $258.26 and its 200 day moving average is $271.29. McDonald’s Co. has a fifty-two week low of $243.53 and a fifty-two week high of $302.39. The stock has a market capitalization of $200.70 billion, a PE ratio of 23.62, a price-to-earnings-growth ratio of 3.58 and a beta of 0.71.

McDonald’s (NYSE:MCD) last announced its earnings results on Monday, July 29th. The fast-food giant reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.10). McDonald’s had a negative return on equity of 178.92% and a net margin of 32.25%. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the previous year, the company earned $3.17 earnings per share. McDonald’s’s quarterly revenue was down .1% on a year-over-year basis. Equities analysts forecast that McDonald’s Co. will post 11.71 earnings per share for the current year.

McDonald’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a dividend of $1.67 per share. This represents a $6.68 annualized dividend and a yield of 2.40%. The ex-dividend date is Tuesday, September 3rd. McDonald’s’s payout ratio is currently 56.71%.

McDonald’s Company Profile

McDonald's Corporation operates and franchises restaurants under the McDonald's brand in the United States and internationally. It offers food and beverages, including hamburgers and cheeseburgers, various chicken sandwiches, fries, shakes, desserts, sundaes, cookies, pies, soft drinks, coffee, and other beverages; and full or limited breakfast, as well as sells various other products during limited-time promotions.