McDonald's Corporation $MCD Shares Sold by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC has reduced its stake in McDonald's Corporation by 12.7%, holding 122,760 shares valued at approximately $38.35 million.
• McDonald's reported $3.19 EPS for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $1.77 per share.
• Analysts' ratings for McDonald's show **13 "hold," 13 "buy," and 2 "sell" recommendations** with a consensus target price of $326.87.

Cresset Asset Management LLC trimmed its holdings in shares of McDonald's Corporation (NYSE:MCD - Free Report) by 12.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,760 shares of the fast-food giant's stock after selling 17,809 shares during the period. Cresset Asset Management LLC's holdings in McDonald's were worth $38,346,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. purchased a new stake in McDonald's during the 4th quarter worth $25,000. Abound Financial LLC purchased a new position in McDonald's in the 1st quarter valued at about $30,000. Pinney & Scofield Inc. purchased a new position in McDonald's in the 4th quarter valued at about $29,000. Redmont Wealth Advisors LLC purchased a new position in McDonald's in the 1st quarter valued at about $31,000. Finally, Financial Gravity Asset Management Inc. purchased a new position in McDonald's in the 1st quarter valued at about $31,000. 70.29% of the stock is owned by hedge funds and other institutional investors.

McDonald's Price Performance

Shares of NYSE MCD traded up $2.20 during mid-day trading on Wednesday, reaching $313.13. 2,964,179 shares of the company traded hands, compared to its average volume of 3,602,800. McDonald's Corporation has a fifty-two week low of $276.53 and a fifty-two week high of $326.32. The firm has a market cap of $223.45 billion, a PE ratio of 26.83, a price-to-earnings-growth ratio of 3.15 and a beta of 0.52. The stock has a fifty day simple moving average of $298.34 and a 200-day simple moving average of $305.35.

McDonald's (NYSE:MCD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The fast-food giant reported $3.19 EPS for the quarter, beating analysts' consensus estimates of $3.15 by $0.04. McDonald's had a net margin of 32.21% and a negative return on equity of 225.52%. The business had revenue of $6.84 billion for the quarter, compared to analyst estimates of $6.68 billion. During the same quarter last year, the business earned $2.97 earnings per share. The business's revenue for the quarter was up 5.4% on a year-over-year basis. As a group, analysts predict 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 will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be paid a dividend of $1.77 per share. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, September 2nd. McDonald's's dividend payout ratio (DPR) is currently 60.67%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MCD shares. Loop Capital cut shares of McDonald's from a "buy" rating to a "hold" rating and decreased their price objective for the company from $346.00 to $315.00 in a research report on Friday, June 6th. Redburn Atlantic reissued a "sell" rating and issued a $260.00 price objective (down from $319.00) on shares of McDonald's in a research report on Tuesday, June 10th. Barclays upped their price objective on shares of McDonald's from $355.00 to $360.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. BTIG Research reiterated a "neutral" rating on shares of McDonald's in a research note on Tuesday, April 22nd. Finally, Melius initiated coverage on shares of McDonald's in a research note on Monday, July 14th. They set a "sell" rating and a $250.00 price objective on the stock. Thirteen research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, McDonald's has a consensus rating of "Hold" and a consensus price target of $326.87.

Insider Activity at McDonald's

In related news, EVP Jonathan Banner sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $310.00, for a total transaction of $310,000.00. Following the transaction, the executive vice president owned 99 shares in the company, valued at $30,690. This trade represents a 90.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Desiree Ralls-Morrison sold 2,487 shares of McDonald's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $310.00, for a total transaction of $770,970.00. Following the completion of the transaction, the executive vice president owned 8,754 shares in the company, valued at approximately $2,713,740. This trade represents a 22.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,280 shares of company stock worth $2,525,178 over the last ninety days. Insiders own 0.25% of the company's stock.

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.