Summit Financial LLC Has $6.06 Million Position in McDonald's Corporation $MCD

Key Points

• Summit Financial LLC increased its holdings in McDonald's Corporation by 5.0%, with a position worth approximately $6.06 million, according to its latest SEC filing.
• McDonald's announced a quarterly dividend of $1.77 per share, set to be paid on September 16th, reflecting an annualized dividend yield of 2.3%.
• Despite analyst upgrades, the stock has a consensus hold rating with a target price of $326.87, showing mixed sentiment among analysts.

Summit Financial LLC grew its holdings in shares of McDonald's Corporation (NYSE:MCD - Free Report) by 5.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,389 shares of the fast-food giant's stock after acquiring an additional 919 shares during the period. Summit Financial LLC's holdings in McDonald's were worth $6,056,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Mascagni Wealth Management Inc. acquired a new stake in McDonald's during the 4th quarter worth about $25,000. Abound Financial LLC acquired a new stake in shares of McDonald's in the 1st quarter valued at about $30,000. Pinney & Scofield Inc. bought a new stake in McDonald's in the 4th quarter valued at about $29,000. Redmont Wealth Advisors LLC bought a new stake in McDonald's in the 1st quarter valued at about $31,000. Finally, Financial Gravity Asset Management Inc. bought a new stake in McDonald's in the 1st quarter valued at about $31,000. 70.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup boosted their target price on McDonald's from $364.00 to $365.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group raised McDonald's from a "neutral" rating to a "buy" rating and set a $345.00 target price for the company in a research report on Thursday, July 10th. Piper Sandler boosted their target price on McDonald's from $314.00 to $325.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Bank of America decreased their target price on McDonald's from $327.00 to $322.00 and set a "neutral" rating for the company in a research report on Friday, July 18th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of McDonald's in a research report on Friday, August 8th. Thirteen equities 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. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $326.87.

McDonald's Stock Performance

Shares of MCD opened at $313.1550 on Friday. The stock has a 50 day moving average price of $298.77 and a two-hundred day moving average price of $305.56. The firm has a market capitalization of $223.47 billion, a P/E ratio of 26.83, a P/E/G ratio of 3.19 and a beta of 0.52. McDonald's Corporation has a 52 week low of $276.53 and a 52 week high of $326.32.

McDonald's (NYSE:MCD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The fast-food giant reported $3.19 EPS for the quarter, topping analysts' consensus estimates of $3.15 by $0.04. The firm had revenue of $6.84 billion during the quarter, compared to analyst estimates of $6.68 billion. McDonald's had a negative return on equity of 225.52% and a net margin of 32.21%.The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 EPS. On average, equities analysts forecast that McDonald's Corporation will post 12.25 earnings per share for the current year.

McDonald's Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a $1.77 dividend. 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 payout ratio is presently 60.67%.

Insiders Place Their Bets

In other news, CMO Edith Morgan Flatley sold 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $300.00, for a total value of $300,000.00. Following the completion of the transaction, the chief marketing officer directly owned 8,858 shares of the company's stock, valued at $2,657,400. This represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jonathan Banner sold 1,000 shares of the company'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 value of $310,000.00. Following the completion of the transaction, the executive vice president directly owned 99 shares of the company's stock, valued at approximately $30,690. This represents a 90.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 7,341 shares of company stock valued at $2,229,327. Insiders own 0.25% of the company's stock.

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.

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