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Chemung Canal Trust Co. Purchases 1,685 Shares of McDonald's Corporation (NYSE:MCD)

McDonald's logo with Retail/Wholesale background

Chemung Canal Trust Co. increased 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 13F filing with the Securities and Exchange Commission. The fund owned 31,613 shares of the fast-food giant's stock after acquiring an additional 1,685 shares during the period. McDonald's comprises about 2.2% of Chemung Canal Trust Co.'s holdings, making the stock its 13th largest holding. Chemung Canal Trust Co.'s holdings in McDonald's were worth $9,875,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of McDonald's by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 70,169,342 shares of the fast-food giant's stock valued at $20,341,391,000 after acquiring an additional 526,466 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of McDonald's by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 16,074,438 shares of the fast-food giant's stock valued at $4,652,768,000 after acquiring an additional 157,458 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of McDonald's by 5.2% in the 4th quarter. Capital Research Global Investors now owns 10,652,445 shares of the fast-food giant's stock valued at $3,088,037,000 after acquiring an additional 531,070 shares during the last quarter. Norges Bank bought a new position in McDonald's during the 4th quarter valued at approximately $2,725,190,000. Finally, Northern Trust Corp raised its position in McDonald's by 11.2% during the 4th quarter. Northern Trust Corp now owns 8,867,193 shares of the fast-food giant's stock valued at $2,570,511,000 after purchasing an additional 895,896 shares during the last quarter. Institutional investors own 70.29% of the company's stock.

Insider Activity at McDonald's

In other news, insider Joseph M. Erlinger sold 939 shares of McDonald's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $288.52, for a total value of $270,920.28. Following the sale, the insider directly owned 10,222 shares of the company's stock, valued at approximately $2,949,251.44. The trade was a 8.41% 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. Insiders have sold a total of 2,817 shares of company stock valued at $865,843 over the last quarter. 0.25% of the stock is currently owned by insiders.

McDonald's Trading Down 0.6%

Shares of MCD opened at $291.70 on Wednesday. The company has a market cap of $208.57 billion, a price-to-earnings ratio of 25.75, a P/E/G ratio of 3.06 and a beta of 0.53. McDonald's Corporation has a 12 month low of $243.53 and a 12 month high of $326.32. The business's fifty day simple moving average is $305.18 and its two-hundred day simple moving average is $302.45.

McDonald's (NYSE:MCD - Get Free Report) last announced its earnings results on Thursday, May 1st. The fast-food giant reported $2.67 EPS for the quarter, hitting analysts' consensus estimates of $2.67. McDonald's had a negative return on equity of 195.27% and a net margin of 31.75%. The company had revenue of $5.96 billion for the quarter, compared to analysts' expectations of $6.17 billion. During the same period last year, the firm earned $2.70 EPS. McDonald's's revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, research analysts forecast that McDonald's Corporation will post 12.25 EPS for the current year.

McDonald's Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a dividend of $1.77 per share. The ex-dividend date was Monday, June 2nd. This represents a $7.08 dividend on an annualized basis and a yield of 2.43%. McDonald's's dividend payout ratio is presently 62.49%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MCD. Robert W. Baird upped their price target on McDonald's from $300.00 to $315.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. TD Securities reiterated a "hold" rating and set a $305.00 target price on shares of McDonald's in a report on Thursday, June 5th. Redburn Atlantic reiterated a "sell" rating and set a $260.00 target price (down previously from $319.00) on shares of McDonald's in a report on Tuesday, June 10th. Piper Sandler upped their target price on McDonald's from $292.00 to $314.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, Erste Group Bank downgraded McDonald's from a "strong-buy" rating to a "hold" rating in a report on Saturday, May 24th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, McDonald's has an average rating of "Hold" and a consensus target price of $321.17.

Read Our Latest Stock Report on McDonald's

About McDonald's

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for McDonald's (NYSE:MCD)

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.

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