Harmony Asset Management LLC Cuts Stock Position in McDonald’s Co. (NYSE:MCD)

Harmony Asset Management LLC cut its holdings in shares of McDonald’s Co. (NYSE:MCD) by 46.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,389 shares of the fast-food giant’s stock after selling 2,104 shares during the period. Harmony Asset Management LLC’s holdings in McDonald’s were worth $609,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of McDonald’s during the first quarter worth about $28,000. Clear Investment Research LLC acquired a new position in shares of McDonald’s during the fourth quarter worth about $38,000. Kings Path Partners LLC acquired a new position in shares of McDonald’s during the second quarter worth about $38,000. Accent Capital Management LLC acquired a new position in shares of McDonald’s during the fourth quarter worth about $44,000. Finally, Transcendent Capital Group LLC acquired a new position in shares of McDonald’s during the fourth quarter worth about $45,000. 70.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on MCD. Bank of America lowered their price objective on McDonald’s from $288.00 to $278.00 and set a “neutral” rating for the company in a research report on Tuesday, July 30th. Stifel Nicolaus lowered their price target on McDonald’s from $285.00 to $265.00 and set a “hold” rating for the company in a report on Monday, July 22nd. Tigress Financial upped their price target on McDonald’s from $355.00 to $360.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Evercore ISI increased their price objective on McDonald’s from $300.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, August 19th. Finally, Jefferies Financial Group increased their price objective on McDonald’s from $310.00 to $330.00 and gave the company a “buy” rating in a report on Monday, September 9th. Eleven analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, McDonald’s has a consensus rating of “Moderate Buy” and a consensus target price of $306.11.

McDonald’s Stock Up 1.0 %

Shares of MCD stock opened at $296.83 on Monday. The stock has a market cap of $213.92 billion, a P/E ratio of 25.20, a P/E/G ratio of 3.88 and a beta of 0.72. McDonald’s Co. has a fifty-two week low of $243.53 and a fifty-two week high of $302.39. The business has a fifty day simple moving average of $277.30 and a 200-day simple moving average of $270.57.

McDonald’s (NYSE:MCD) last posted its quarterly earnings data 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). The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.62 billion. McDonald’s had a net margin of 32.25% and a negative return on equity of 178.68%. The firm’s revenue was down .1% on a year-over-year basis. During the same period in the previous year, the business earned $3.17 EPS. On average, sell-side analysts anticipate that McDonald’s Co. will post 11.67 earnings per share for the current year.

McDonald’s Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Tuesday, September 3rd. McDonald’s’s payout ratio is 56.71%.

Insiders Place Their Bets

In other news, insider Joseph M. Erlinger sold 1,099 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $260.00, for a total value of $285,740.00. Following the transaction, the insider now directly owns 13,681 shares in the company, valued at approximately $3,557,060. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Joseph M. Erlinger sold 1,099 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $260.00, for a total value of $285,740.00. Following the transaction, the insider now directly owns 13,681 shares in the company, valued at approximately $3,557,060. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Marion K. Gross sold 1,498 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $286.36, for a total value of $428,967.28. Following the completion of the transaction, the executive vice president now owns 1,560 shares in the company, valued at $446,721.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,193 shares of company stock valued at $1,403,593. Insiders own 0.23% of the company’s stock.

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.