Westpac Banking Corp Cuts Stock Holdings in McDonald's Corporation (NYSE:MCD)

Key Points

• Westpac Banking Corp reduced its holdings in McDonald's Corporation by 21.0%, selling 1,513 shares and ending up with 5,691 shares worth approximately $1,778,000.
• McDonald's reported $3.19 earnings per share for the last quarter, exceeding analyst expectations of $3.15, along with a revenue of $6.84 billion, which was above the forecasted $6.68 billion.
• The company announced a quarterly dividend of $1.77 per share, with an annualized dividend yield of 2.3%, to be paid to stockholders on September 16th.

Westpac Banking Corp lowered its position in McDonald's Corporation (NYSE:MCD - Free Report) by 21.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,691 shares of the fast-food giant's stock after selling 1,513 shares during the quarter. Westpac Banking Corp's holdings in McDonald's were worth $1,778,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MCD. Mascagni Wealth Management Inc. bought a new position in McDonald's during the fourth quarter worth about $25,000. Pinney & Scofield Inc. bought a new position in McDonald's during the fourth quarter worth about $29,000. GKV Capital Management Co. Inc. bought a new position in McDonald's during the fourth quarter worth about $30,000. Abound Financial LLC acquired a new stake in McDonald's during the first quarter worth about $30,000. Finally, Copia Wealth Management acquired a new stake in McDonald's during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 70.29% of the company's stock.

McDonald's Stock Up 1.2%

MCD stock traded up $3.57 during midday trading on Thursday, reaching $308.64. 4,698,548 shares of the company's stock traded hands, compared to its average volume of 3,468,737. The company has a market cap of $220.25 billion, a price-to-earnings ratio of 26.45, a P/E/G ratio of 3.11 and a beta of 0.52. The firm's fifty day moving average price is $298.03 and its 200-day moving average price is $304.85. McDonald's Corporation has a 52 week low of $271.85 and a 52 week high of $326.32.

McDonald's (NYSE:MCD - Get Free Report) last announced its quarterly earnings results 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. 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%. McDonald's's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.97 EPS. Analysts forecast that McDonald's Corporation will post 12.25 earnings per share for the current year.

McDonald's Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders 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 yield of 2.3%. The ex-dividend date is Tuesday, September 2nd. McDonald's's payout ratio is 60.67%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MCD shares. TD Cowen increased their price objective on shares of McDonald's from $305.00 to $315.00 and gave the stock a "hold" rating in a research note on Wednesday, August 6th. Northcoast Research downgraded shares of McDonald's from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 6th. KeyCorp reiterated an "overweight" rating and set a $335.00 price objective (up from $325.00) on shares of McDonald's in a research note on Thursday, August 7th. Truist Financial increased their price objective on shares of McDonald's from $356.00 to $360.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Melius started 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. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $326.87.

Insider Buying and Selling at McDonald's

In other McDonald's news, CMO Edith Morgan Flatley sold 976 shares of McDonald's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $303.50, for a total transaction of $296,216.00. Following the transaction, the chief marketing officer directly owned 7,882 shares of the company's stock, valued at $2,392,187. The trade was a 11.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph M. Erlinger sold 939 shares of McDonald's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $299.49, for a total transaction of $281,221.11. Following the transaction, the insider directly owned 9,283 shares in the company, valued at $2,780,165.67. This represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,280 shares of company stock worth $2,215,178. 0.25% of the stock is owned by corporate insiders.

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.