Chemung Canal Trust Co. Sells 6,633 Shares of McDonald's Corporation $MCD

Key Points

• Chemung Canal Trust Co. reduced its stake in McDonald's Corporation by 21.0%, owning 24,980 shares after selling 6,633 shares during the second quarter.
• McDonald's reported earnings of $3.19 per share for the quarter, surpassing analysts' estimates, with a revenue of $6.84 billion.
• The company declared a quarterly dividend of $1.77, amounting to an annualized dividend yield of 2.4%, with a payout ratio of 60.67%.

Chemung Canal Trust Co. reduced its stake in McDonald's Corporation (NYSE:MCD - Free Report) by 21.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,980 shares of the fast-food giant's stock after selling 6,633 shares during the quarter. McDonald's comprises approximately 1.5% of Chemung Canal Trust Co.'s holdings, making the stock its 21st largest position. Chemung Canal Trust Co.'s holdings in McDonald's were worth $7,298,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of McDonald's by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 70,409,095 shares of the fast-food giant's stock worth $21,993,689,000 after purchasing an additional 239,753 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of McDonald's by 16.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,341,460 shares of the fast-food giant's stock worth $2,917,993,000 after purchasing an additional 1,344,954 shares in the last quarter. Northern Trust Corp raised its holdings in McDonald's by 1.1% in the 1st quarter. Northern Trust Corp now owns 8,965,159 shares of the fast-food giant's stock worth $2,800,447,000 after acquiring an additional 97,966 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in McDonald's by 2.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,142,473 shares of the fast-food giant's stock worth $1,606,354,000 after acquiring an additional 123,454 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in McDonald's by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,982,825 shares of the fast-food giant's stock worth $1,556,485,000 after acquiring an additional 815,768 shares during the last quarter. 70.29% of the stock is owned by institutional investors.

McDonald's Trading Up 0.3%

Shares of MCD opened at $300.72 on Friday. The firm has a market cap of $214.59 billion, a PE ratio of 25.77, a P/E/G ratio of 3.07 and a beta of 0.50. The firm has a fifty day simple moving average of $306.93 and a two-hundred day simple moving average of $306.16. McDonald's Corporation has a 1-year low of $276.53 and a 1-year high of $326.32.

McDonald's (NYSE:MCD - Get Free Report) last announced its earnings results on Wednesday, August 6th. The fast-food giant reported $3.19 earnings per share for the quarter, beating analysts' consensus estimates of $3.15 by $0.04. The business had revenue of $6.84 billion during the quarter, compared to analyst estimates of $6.68 billion. McDonald's had a net margin of 32.21% and a negative return on equity of 225.52%. The company's quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 EPS. As a group, research analysts forecast that McDonald's Corporation will post 12.25 EPS for the current fiscal 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 paid a $1.77 dividend. This represents a $7.08 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Tuesday, September 2nd. McDonald's's dividend payout ratio is 60.67%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MCD shares. Evercore ISI boosted their price objective on shares of McDonald's from $350.00 to $360.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. KeyCorp restated an "overweight" rating and issued a $335.00 price objective (up from $325.00) on shares of McDonald's in a report on Thursday, August 7th. Piper Sandler boosted their price objective on shares of McDonald's from $314.00 to $325.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Redburn Atlantic restated a "sell" rating and issued a $260.00 price objective (down from $319.00) on shares of McDonald's in a report on Tuesday, June 10th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of McDonald's in a report on Saturday, September 27th. Twelve investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $325.86.

Insider Buying and Selling

In other news, EVP Jonathan Banner sold 1,000 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $310.00, for a total value of $310,000.00. Following the completion of the sale, the executive vice president directly owned 99 shares in the company, valued at $30,690. This represents a 90.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CMO Edith Morgan Flatley sold 1,000 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $315.00, for a total value of $315,000.00. Following the completion of the sale, the chief marketing officer owned 6,858 shares of the company's stock, valued at $2,160,270. This trade represents a 12.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,402 shares of company stock valued at $2,273,407. Company insiders own 0.25% of the company's stock.

McDonald's 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.

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