Covington Capital Management cut its stake in McDonald’s Corporation (NYSE:MCD) by 4.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,972 shares of the fast-food giant’s stock after selling 1,750 shares during the quarter. Covington Capital Management’s holdings in McDonald’s were worth $6,428,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Proficio Capital Partners LLC increased its stake in shares of McDonald’s by 87.8% in the first quarter. Proficio Capital Partners LLC now owns 740 shares of the fast-food giant’s stock worth $111,000 after acquiring an additional 346 shares during the last quarter. Acrospire Investment Management LLC acquired a new position in McDonald’s during the second quarter worth $153,000. Harvest Fund Management Co. Ltd acquired a new position in McDonald’s during the second quarter worth $162,000. QCI Asset Management Inc. NY increased its position in McDonald’s by 22.4% during the second quarter. QCI Asset Management Inc. NY now owns 1,094 shares of the fast-food giant’s stock worth $168,000 after buying an additional 200 shares during the last quarter. Finally, AlphaMark Advisors LLC increased its position in McDonald’s by 0.4% during the second quarter. AlphaMark Advisors LLC now owns 1,288 shares of the fast-food giant’s stock worth $197,000 after buying an additional 5 shares during the last quarter. 67.40% of the stock is currently owned by institutional investors and hedge funds.

McDonald’s Corporation (MCD) traded up $1.29 during mid-day trading on Wednesday, reaching $173.52. 600,581 shares of the company’s stock were exchanged, compared to its average volume of 3,453,780. The company has a debt-to-equity ratio of -8.17, a current ratio of 1.28 and a quick ratio of 1.27. McDonald’s Corporation has a one year low of $118.18 and a one year high of $174.44. The company has a market capitalization of $138,112.41, a PE ratio of 27.07, a price-to-earnings-growth ratio of 2.83 and a beta of 0.67.

McDonald’s (NYSE:MCD) last released its quarterly earnings results on Tuesday, October 24th. The fast-food giant reported $1.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.75 by $0.01. McDonald’s had a net margin of 24.19% and a negative return on equity of 216.45%. The company had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.75 billion. During the same period in the prior year, the company earned $1.62 earnings per share. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. equities analysts forecast that McDonald’s Corporation will post 6.53 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Thursday, November 30th. This is a boost from McDonald’s’s previous quarterly dividend of $0.94. McDonald’s’s dividend payout ratio (DPR) is presently 58.30%.

In related news, insider Stephen Easterbrook sold 171,577 shares of the stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $168.32, for a total value of $28,879,840.64. Following the completion of the sale, the insider now owns 49,778 shares in the company, valued at $8,378,632.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP James R. Sappington sold 8,046 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $165.00, for a total transaction of $1,327,590.00. Following the completion of the sale, the vice president now owns 15,739 shares of the company’s stock, valued at approximately $2,596,935. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

MCD has been the topic of several analyst reports. Mizuho reissued a “buy” rating and set a $173.00 target price (up from $170.00) on shares of McDonald’s in a research report on Wednesday, September 13th. Goldman Sachs Group set a $173.00 target price on shares of McDonald’s and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Robert W. Baird reissued a “buy” rating and set a $170.00 target price on shares of McDonald’s in a research report on Friday, September 1st. Deutsche Bank set a $185.00 target price on shares of McDonald’s and gave the stock a “buy” rating in a research report on Thursday, October 26th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $175.00 target price on shares of McDonald’s in a research report on Friday, September 8th. Ten investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $174.55.

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About McDonald’s

McDonald’s Corporation (McDonald’s) operates and franchises McDonald’s restaurants. The Company’s restaurants serve a locally relevant menu of food and drinks sold at various price points in over 100 countries. The Company’s segments include U.S., International Lead Markets, High Growth Markets, and Foundational Markets and Corporate.

Institutional Ownership by Quarter for McDonald`s (NYSE:MCD)

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