PNC Financial Services Group Inc. Sells 29,490 Shares of McDonald’s Co. (NYSE:MCD)

PNC Financial Services Group Inc. lowered its stake in McDonald’s Co. (NYSE:MCD) by 1.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,823,744 shares of the fast-food giant’s stock after selling 29,490 shares during the quarter. PNC Financial Services Group Inc. owned about 0.39% of McDonald’s worth $859,858,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MCD. Hara Capital LLC bought a new position in McDonald’s during the third quarter valued at approximately $44,000. Kings Path Partners LLC bought a new position in shares of McDonald’s during the 2nd quarter valued at approximately $38,000. Peterson Financial Group Inc. purchased a new position in shares of McDonald’s in the third quarter valued at $58,000. Opal Wealth Advisors LLC purchased a new position in shares of McDonald’s in the second quarter valued at $59,000. Finally, Bbjs Financial Advisors LLC bought a new stake in McDonald’s in the second quarter worth $65,000. Institutional investors own 70.29% of the company’s stock.

McDonald’s Price Performance

MCD stock opened at $291.10 on Tuesday. McDonald’s Co. has a 1-year low of $243.53 and a 1-year high of $317.90. The business has a 50-day moving average price of $300.06 and a 200 day moving average price of $277.60. The company has a market capitalization of $208.61 billion, a P/E ratio of 25.56, a PEG ratio of 3.89 and a beta of 0.74.

McDonald’s (NYSE:MCD) last posted its quarterly earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 EPS for the quarter, beating the consensus estimate of $3.18 by $0.05. McDonald’s had a net margin of 31.79% and a negative return on equity of 175.42%. The business had revenue of $6.87 billion during the quarter, compared to analyst estimates of $6.82 billion. During the same quarter in the previous year, the business posted $3.19 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts anticipate that McDonald’s Co. will post 11.77 earnings per share for the current fiscal year.

McDonald’s Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a yield of 2.43%. The ex-dividend date is Monday, December 2nd. This is a boost from McDonald’s’s previous quarterly dividend of $1.67. McDonald’s’s dividend payout ratio (DPR) is 62.16%.

Insider Activity

In related news, insider Joseph M. Erlinger sold 1,098 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $288.70, for a total transaction of $316,992.60. Following the sale, the insider now owns 12,583 shares of the company’s stock, valued at $3,632,712.10. This trade represents a 8.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Marion K. Gross sold 1,498 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $286.36, for a total transaction of $428,967.28. Following the sale, the executive vice president now directly owns 1,560 shares of the company’s stock, valued at approximately $446,721.60. The trade was a 48.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,596 shares of company stock worth $10,698,289. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on MCD shares. Guggenheim cut shares of McDonald’s from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $290.00 to $285.00 in a research note on Wednesday, October 23rd. Stifel Nicolaus reduced their price objective on McDonald’s from $285.00 to $265.00 and set a “hold” rating on the stock in a research note on Monday, July 22nd. Jefferies Financial Group raised their price objective on McDonald’s from $310.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Citigroup boosted their target price on McDonald’s from $301.00 to $317.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Bank of America raised their price target on McDonald’s from $321.00 to $324.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Thirteen investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $319.46.

McDonald’s 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.