Allspring Global Investments Holdings LLC Sells 23,923 Shares of McDonald's Corporation $MCD

Key Points

• Allspring Global Investments Holdings LLC sold 23,923 shares of McDonald's Corporation, reducing its stake by 12.8% to 162,439 shares valued at $48.32 million.
• Several institutional investors increased their holdings in McDonald's, with First American Trust FSB boosting its stake by 55.9% in the first quarter.
• McDonald's recently reported earnings of $3.19 per share, exceeding analysts' expectations, along with a quarterly dividend of $1.77 per share, reflecting a 2.3% dividend yield.

Allspring Global Investments Holdings LLC reduced its stake in shares of McDonald's Corporation (NYSE:MCD - Free Report) by 12.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 162,439 shares of the fast-food giant's stock after selling 23,923 shares during the period. Allspring Global Investments Holdings LLC's holdings in McDonald's were worth $48,324,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First American Trust FSB boosted its holdings in McDonald's by 55.9% in the 1st quarter. First American Trust FSB now owns 36,917 shares of the fast-food giant's stock worth $11,532,000 after buying an additional 13,234 shares during the period. Banque Transatlantique SA boosted its holdings in McDonald's by 58.0% in the 1st quarter. Banque Transatlantique SA now owns 248,826 shares of the fast-food giant's stock worth $71,829,000 after buying an additional 91,313 shares during the period. Hamilton Capital LLC boosted its holdings in McDonald's by 35.2% in the 1st quarter. Hamilton Capital LLC now owns 3,145 shares of the fast-food giant's stock worth $982,000 after buying an additional 819 shares during the period. Red Door Wealth Management LLC boosted its holdings in McDonald's by 1.9% in the 1st quarter. Red Door Wealth Management LLC now owns 5,724 shares of the fast-food giant's stock worth $1,788,000 after buying an additional 109 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in McDonald's by 5.6% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 345,319 shares of the fast-food giant's stock worth $107,867,000 after buying an additional 18,393 shares during the period. 70.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

MCD has been the subject of several analyst reports. Truist Financial cut their price objective on shares of McDonald's from $360.00 to $350.00 and set a "buy" rating for the company in a report on Tuesday. Stifel Nicolaus increased their target price on shares of McDonald's from $300.00 to $315.00 and gave the stock a "hold" rating in a research note on Friday, August 22nd. Morgan Stanley increased their target price on shares of McDonald's from $324.00 to $326.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. TD Cowen increased their target price on shares of McDonald's from $305.00 to $315.00 and gave the stock a "hold" rating in a research note on Wednesday, August 6th. Finally, The Goldman Sachs Group upgraded shares of McDonald's from a "neutral" rating to a "buy" rating and set a $345.00 target price on the stock in a research note on Thursday, July 10th. Eleven research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $324.73.

Insider Activity at McDonald's

In related news, EVP Desiree Ralls-Morrison sold 2,487 shares of McDonald's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $310.00, for a total value of $770,970.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph M. Erlinger sold 939 shares of McDonald's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $299.49, for a total transaction of $281,221.11. Following the completion of the transaction, the insider owned 9,283 shares in the company, valued at approximately $2,780,165.67. The trade was a 9.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,402 shares of company stock worth $1,973,407. Corporate insiders own 0.25% of the company's stock.

McDonald's Stock Performance

McDonald's stock opened at $304.59 on Wednesday. The firm's fifty day moving average price is $306.34 and its 200-day moving average price is $305.63. The stock has a market cap of $217.35 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 3.16 and a beta of 0.50. McDonald's Corporation has a fifty-two week low of $276.53 and a fifty-two week high of $326.32.

McDonald's (NYSE:MCD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The fast-food giant reported $3.19 earnings per share for the quarter, beating the consensus estimate of $3.15 by $0.04. The firm had revenue of $6.84 billion for the quarter, compared to analysts' expectations of $6.68 billion. McDonald's had a net margin of 32.21% and a negative return on equity of 225.52%. The business's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company posted $2.97 EPS. On average, analysts predict that McDonald's Corporation will post 12.25 earnings per share for the current year.

McDonald's Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a dividend of $1.77 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $7.08 annualized dividend and a dividend yield of 2.3%. McDonald's's dividend payout ratio (DPR) is 60.67%.

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.

Want to see what other hedge funds are holding MCD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McDonald's Corporation (NYSE:MCD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.