McDonald's Corporation $MCD Shares Sold by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue reduced its stake in McDonald's Corporation by 4.3% in the second quarter, owning 80,351 shares now valued at $23.5 million.
• Multiple analysts have raised their price targets for McDonald's, with Goldman Sachs increasing theirs from a “neutral” rating to a “buy” rating and setting a target of $345.00.
• McDonald's reported a quarterly earnings per share of $3.19, surpassing analysts' expectations, and recently declared a quarterly dividend of $1.77 per share.

State of Alaska Department of Revenue cut its stake in McDonald's Corporation (NYSE:MCD - Free Report) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,351 shares of the fast-food giant's stock after selling 3,595 shares during the quarter. State of Alaska Department of Revenue's holdings in McDonald's were worth $23,476,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Cove Private Wealth LLC increased its position in shares of McDonald's by 36.7% during the second quarter. Cove Private Wealth LLC now owns 4,339 shares of the fast-food giant's stock worth $1,268,000 after purchasing an additional 1,164 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in shares of McDonald's during the second quarter worth approximately $203,000. Kathmere Capital Management LLC grew its holdings in McDonald's by 13.1% in the 2nd quarter. Kathmere Capital Management LLC now owns 1,426 shares of the fast-food giant's stock valued at $417,000 after buying an additional 165 shares in the last quarter. Investment Partners Asset Management Inc. grew its holdings in McDonald's by 3.0% in the 2nd quarter. Investment Partners Asset Management Inc. now owns 1,553 shares of the fast-food giant's stock valued at $454,000 after buying an additional 45 shares in the last quarter. Finally, True North Advisors LLC grew its holdings in McDonald's by 93.4% in the 2nd quarter. True North Advisors LLC now owns 2,290 shares of the fast-food giant's stock valued at $669,000 after buying an additional 1,106 shares in the last quarter. 70.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Melius assumed coverage on McDonald's in a report on Monday, July 14th. They issued a "sell" rating and a $250.00 target price for the company. The Goldman Sachs Group raised McDonald's from a "neutral" rating to a "buy" rating and set a $345.00 price target on the stock in a research note on Thursday, July 10th. BMO Capital Markets upped their price target on McDonald's from $350.00 to $360.00 and gave the company an "outperform" rating in a research note on Thursday, September 4th. Truist Financial upped their price target on McDonald's from $356.00 to $360.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, KeyCorp reissued an "overweight" rating and set a $335.00 target price (up previously from $325.00) on shares of McDonald's in a research note on Thursday, August 7th. Eleven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $325.86.

McDonald's Price Performance

Shares of NYSE MCD opened at $305.10 on Friday. McDonald's Corporation has a 1-year low of $276.53 and a 1-year high of $326.32. The company has a market cap of $217.72 billion, a price-to-earnings ratio of 26.14, a price-to-earnings-growth ratio of 3.08 and a beta of 0.50. The stock's 50-day moving average is $306.48 and its two-hundred day moving average is $306.14.

McDonald's (NYSE:MCD - Get Free Report) last released 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 negative return on equity of 225.52% and a net margin of 32.21%.The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $6.68 billion. During the same quarter in the prior year, the business posted $2.97 EPS. The business's revenue for the quarter was up 5.4% on a year-over-year basis. Equities research analysts anticipate that McDonald's Corporation will post 12.25 earnings per share for the current fiscal year.

McDonald's Announces Dividend

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

Insider Transactions at McDonald's

In other McDonald's news, EVP Jonathan Banner sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $310.00, for a total transaction of $310,000.00. Following the completion of the sale, the executive vice president directly owned 99 shares of the company's stock, valued at approximately $30,690. This trade represents a 90.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph M. Erlinger sold 939 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $299.49, for a total value of $281,221.11. Following the sale, the insider directly owned 9,283 shares of the company's stock, valued at $2,780,165.67. The trade was a 9.19% 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 worth $2,273,407. 0.25% of the stock is owned by corporate insiders.

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.

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