Hendershot Investments Inc. Sells 60 Shares of McDonald’s Co. (NYSE:MCD)

Hendershot Investments Inc. reduced its stake in shares of McDonald’s Co. (NYSE:MCD) by 1.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,663 shares of the fast-food giant’s stock after selling 60 shares during the period. Hendershot Investments Inc.’s holdings in McDonald’s were worth $1,116,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Goldstream Capital Management Ltd purchased a new position in McDonald’s during the third quarter worth $1,655,000. iA Global Asset Management Inc. raised its position in McDonald’s by 2,350.5% in the 3rd quarter. iA Global Asset Management Inc. now owns 27,200 shares of the fast-food giant’s stock worth $8,283,000 after purchasing an additional 26,090 shares during the period. EP Wealth Advisors LLC lifted its stake in McDonald’s by 6.8% in the third quarter. EP Wealth Advisors LLC now owns 216,186 shares of the fast-food giant’s stock worth $65,831,000 after purchasing an additional 13,811 shares during the last quarter. Kovitz Investment Group Partners LLC boosted its position in shares of McDonald’s by 93.1% during the third quarter. Kovitz Investment Group Partners LLC now owns 93,333 shares of the fast-food giant’s stock valued at $28,421,000 after buying an additional 45,005 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of McDonald’s by 0.9% during the third quarter. Wellington Management Group LLP now owns 15,082,894 shares of the fast-food giant’s stock valued at $4,592,892,000 after buying an additional 128,800 shares during the last quarter. 70.29% of the stock is currently owned by hedge funds and other institutional investors.

McDonald’s Trading Down 0.2 %

MCD opened at $298.78 on Friday. The firm has a 50 day moving average of $299.53 and a two-hundred day moving average of $279.58. The firm has a market capitalization of $214.11 billion, a PE ratio of 26.23, a P/E/G ratio of 3.92 and a beta of 0.73. McDonald’s Co. has a 12-month low of $243.53 and a 12-month high of $317.90.

McDonald’s (NYSE:MCD) last posted its quarterly earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 EPS for the quarter, beating the consensus estimate of $3.18 by $0.05. The company had revenue of $6.87 billion for the quarter, compared to analyst estimates of $6.82 billion. McDonald’s had a net margin of 31.79% and a negative return on equity of 175.42%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $3.19 earnings per share. As a group, analysts predict that McDonald’s Co. will post 11.77 EPS for the current fiscal year.

McDonald’s Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $1.77 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from McDonald’s’s previous quarterly dividend of $1.67. This represents a $7.08 dividend on an annualized basis and a yield of 2.37%. McDonald’s’s payout ratio is presently 62.16%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. BMO Capital Markets increased their target price on McDonald’s from $315.00 to $335.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of McDonald’s from $284.00 to $325.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 24th. Barclays boosted their price target on McDonald’s from $300.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Wedbush reiterated an “outperform” rating and issued a $295.00 target price on shares of McDonald’s in a report on Wednesday, October 23rd. Finally, Truist Financial decreased their price objective on McDonald’s from $350.00 to $342.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Thirteen equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $319.64.

Insiders Place Their Bets

In other news, insider Joseph M. Erlinger sold 1,099 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $292.38, for a total value of $321,325.62. Following the completion of the sale, the insider now directly owns 10,385 shares in the company, valued at $3,036,366.30. The trade was a 9.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher J. Kempczinski sold 11,727 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $300.03, for a total value of $3,518,451.81. Following the transaction, the chief executive officer now owns 49,885 shares in the company, valued at $14,966,996.55. This trade represents a 19.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,099 shares of company stock worth $10,273,786. Corporate insiders own 0.23% of the company’s stock.

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.