Provident Investment Management Inc. Sells 175 Shares of McDonald’s Co. (NYSE:MCD)

Provident Investment Management Inc. reduced its position in shares of McDonald’s Co. (NYSE:MCD) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,900 shares of the fast-food giant’s stock after selling 175 shares during the quarter. McDonald’s accounts for approximately 0.3% of Provident Investment Management Inc.’s holdings, making the stock its 25th biggest position. Provident Investment Management Inc.’s holdings in McDonald’s were worth $2,778,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MCD. Norges Bank bought a new position in shares of McDonald’s during the 4th quarter valued at approximately $2,684,899,000. Gallagher Fiduciary Advisors LLC grew its stake in shares of McDonald’s by 141,160.9% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 5,613,710 shares of the fast-food giant’s stock valued at $1,664,521,000 after acquiring an additional 5,609,736 shares during the period. Capital Research Global Investors grew its stake in shares of McDonald’s by 66.9% during the 1st quarter. Capital Research Global Investors now owns 5,471,007 shares of the fast-food giant’s stock valued at $1,542,550,000 after acquiring an additional 2,193,769 shares during the period. Swedbank AB purchased a new position in McDonald’s in the 1st quarter worth approximately $348,206,000. Finally, Capital World Investors lifted its holdings in McDonald’s by 39.7% in the 1st quarter. Capital World Investors now owns 3,565,398 shares of the fast-food giant’s stock worth $1,005,264,000 after purchasing an additional 1,012,534 shares in the last quarter. 70.29% of the stock is currently owned by institutional investors.

McDonald’s Stock Up 0.6 %

Shares of NYSE MCD opened at $291.22 on Tuesday. The business’s 50 day moving average price is $269.47 and its 200 day moving average price is $270.57. The firm has a market cap of $209.88 billion, a P/E ratio of 24.72, a P/E/G ratio of 3.87 and a beta of 0.72. McDonald’s Co. has a 52 week low of $243.53 and a 52 week high of $302.39.

McDonald’s (NYSE:MCD) last issued its earnings results on Monday, July 29th. The fast-food giant reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.10). McDonald’s had a net margin of 32.25% and a negative return on equity of 178.68%. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the prior year, the company earned $3.17 EPS. McDonald’s’s quarterly revenue was down .1% on a year-over-year basis. As a group, research analysts expect that McDonald’s Co. will post 11.67 earnings per share for the current year.

McDonald’s Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Tuesday, September 3rd. McDonald’s’s payout ratio is presently 56.71%.

Insider Transactions at McDonald’s

In other news, EVP Marion K. Gross sold 1,498 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $248.26, for a total transaction of $371,893.48. Following the completion of the transaction, the executive vice president now directly owns 1,560 shares of the company’s stock, valued at approximately $387,285.60. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Marion K. Gross sold 1,498 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $248.26, for a total transaction of $371,893.48. Following the completion of the transaction, the executive vice president now directly owns 1,560 shares of the company’s stock, valued at approximately $387,285.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph M. Erlinger sold 1,098 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $260.00, for a total value of $285,480.00. Following the sale, the insider now owns 14,780 shares of the company’s stock, valued at $3,842,800. The disclosure for this sale can be found here. Insiders sold a total of 6,291 shares of company stock valued at $1,689,073 in the last three months. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MCD has been the topic of a number of research analyst reports. Loop Capital lowered their price target on McDonald’s from $357.00 to $342.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Tigress Financial boosted their price target on McDonald’s from $355.00 to $360.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Truist Financial lowered their price target on McDonald’s from $300.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. The Goldman Sachs Group started coverage on McDonald’s in a report on Thursday, June 13th. They set a “neutral” rating and a $288.00 price objective on the stock. Finally, Stifel Nicolaus decreased their price objective on McDonald’s from $285.00 to $265.00 and set a “hold” rating on the stock in a report on Monday, July 22nd. Eleven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $304.41.

McDonald’s Company Profile

McDonald's Corporation operates and franchises restaurants under the McDonald's brand in the United States and internationally. It offers food and beverages, including hamburgers and cheeseburgers, various chicken sandwiches, fries, shakes, desserts, sundaes, cookies, pies, soft drinks, coffee, and other beverages; and full or limited breakfast, as well as sells various other products during limited-time promotions.