Harmony Asset Management LLC Buys 302 Shares of McDonald’s Co. (NYSE:MCD)

Harmony Asset Management LLC raised its position in shares of McDonald’s Co. (NYSE:MCD) by 12.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,691 shares of the fast-food giant’s stock after purchasing an additional 302 shares during the period. Harmony Asset Management LLC’s holdings in McDonald’s were worth $819,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. RPg Family Wealth Advisory LLC purchased a new stake in McDonald’s during the 3rd quarter worth about $31,000. Kings Path Partners LLC acquired a new position in McDonald’s in the 2nd quarter worth $38,000. Hara Capital LLC bought a new position in shares of McDonald’s in the 3rd quarter worth about $44,000. Peterson Financial Group Inc. bought a new position in McDonald’s in the 3rd quarter valued at about $58,000. Finally, Opal Wealth Advisors LLC purchased a new position in McDonald’s in the 2nd quarter worth about $59,000. 70.29% of the stock is owned by institutional investors and hedge funds.

Insider Activity at McDonald’s

In other McDonald’s news, CEO Christopher J. Kempczinski sold 11,727 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $300.03, for a total transaction of $3,518,451.81. Following the completion of the sale, the chief executive officer now directly owns 49,885 shares in the company, valued at $14,966,996.55. This represents a 19.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Joseph M. Erlinger sold 1,099 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $298.57, for a total transaction of $328,128.43. Following the sale, the insider now directly owns 11,484 shares in the company, valued at $3,428,777.88. This trade represents a 8.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,099 shares of company stock valued at $10,273,786 in the last 90 days. 0.23% of the stock is owned by corporate insiders.

McDonald’s Stock Performance

Shares of MCD opened at $292.44 on Tuesday. The stock has a fifty day moving average of $299.96 and a two-hundred day moving average of $279.04. McDonald’s Co. has a fifty-two week low of $243.53 and a fifty-two week high of $317.90. The company has a market capitalization of $209.57 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 3.94 and a beta of 0.73.

McDonald’s (NYSE:MCD) last announced its earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 earnings per share (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 company had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.82 billion. During the same period in the previous year, the business earned $3.19 EPS. The company’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts forecast 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. Stockholders of record on Monday, December 2nd will be issued a dividend of $1.77 per share. This is a positive change from McDonald’s’s previous quarterly dividend of $1.67. This represents a $7.08 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Monday, December 2nd. McDonald’s’s dividend payout ratio is 58.65%.

Analyst Ratings Changes

Several analysts have recently weighed in on MCD shares. Jefferies Financial Group lifted their target price on shares of McDonald’s from $310.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Truist Financial dropped their price target on McDonald’s from $350.00 to $342.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Barclays boosted their target price on McDonald’s from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Loop Capital reiterated a “buy” rating on shares of McDonald’s in a research report on Friday, October 18th. Finally, The Goldman Sachs Group raised their target price on shares of McDonald’s from $284.00 to $325.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $319.64.

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.