McDonald's Corporation (NYSE:MCD) Shares Purchased by Chemung Canal Trust Co.

Chemung Canal Trust Co. grew its stake in McDonald's Corporation (NYSE:MCD - Free Report) by 5.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,613 shares of the fast-food giant's stock after buying an additional 1,685 shares during the quarter. McDonald's makes up 2.2% of Chemung Canal Trust Co.'s portfolio, making the stock its 13th biggest holding. Chemung Canal Trust Co.'s holdings in McDonald's were worth $9,875,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of MCD. Mascagni Wealth Management Inc. purchased a new stake in McDonald's in the fourth quarter worth about $25,000. Atala Financial Inc bought a new position in McDonald's in the 4th quarter worth $26,000. Pinney & Scofield Inc. purchased a new stake in McDonald's in the 4th quarter worth $29,000. Fairway Wealth LLC raised its holdings in McDonald's by 110.0% during the fourth quarter. Fairway Wealth LLC now owns 105 shares of the fast-food giant's stock valued at $30,000 after acquiring an additional 55 shares during the period. Finally, GKV Capital Management Co. Inc. purchased a new position in shares of McDonald's in the fourth quarter valued at about $30,000. Hedge funds and other institutional investors own 70.29% of the company's stock.

McDonald's Trading Up 0.6%

Shares of MCD traded up $1.66 during midday trading on Wednesday, reaching $293.33. 3,235,088 shares of the stock were exchanged, compared to its average volume of 3,537,168. The company has a market capitalization of $209.74 billion, a P/E ratio of 25.89, a PEG ratio of 3.06 and a beta of 0.53. McDonald's Corporation has a 52 week low of $243.53 and a 52 week high of $326.32. The company's 50 day moving average is $305.18 and its two-hundred day moving average is $302.45.

McDonald's (NYSE:MCD - Get Free Report) last posted its earnings results on Thursday, May 1st. The fast-food giant reported $2.67 EPS for the quarter, meeting analysts' consensus estimates of $2.67. McDonald's had a net margin of 31.75% and a negative return on equity of 195.27%. The business had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $6.17 billion. During the same quarter last year, the firm posted $2.70 EPS. The company's revenue for the quarter was down 3.5% on a year-over-year basis. On average, sell-side analysts expect that McDonald's Corporation will post 12.25 EPS for the current year.

McDonald's Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a $1.77 dividend. This represents a $7.08 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Monday, June 2nd. McDonald's's dividend payout ratio (DPR) is 62.49%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Erste Group Bank cut McDonald's from a "strong-buy" rating to a "hold" rating in a research report on Saturday, May 24th. Loop Capital lowered shares of McDonald's from a "buy" rating to a "hold" rating and dropped their target price for the stock from $346.00 to $315.00 in a research report on Friday, June 6th. Northcoast Research cut shares of McDonald's from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 6th. KeyCorp cut their target price on shares of McDonald's from $340.00 to $325.00 and set an "overweight" rating for the company in a research note on Monday, June 30th. Finally, Piper Sandler raised their target price on shares of McDonald's from $292.00 to $314.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, McDonald's presently has an average rating of "Hold" and a consensus price target of $321.46.

Insiders Place Their Bets

In related news, insider Joseph M. Erlinger sold 939 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $288.52, for a total transaction of $270,920.28. Following the completion of the sale, the insider directly owned 10,222 shares in the company, valued at $2,949,251.44. This represents a 8.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 2,817 shares of company stock worth $865,843 in the last ninety days. 0.25% of the stock is owned by corporate insiders.

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.