Renaissance Investment Group LLC Sells 115 Shares of McDonald’s Corporation $MCD

Renaissance Investment Group LLC decreased its stake in shares of McDonald’s Corporation (NYSE:MCD) by 3.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 3,071 shares of the fast-food giant’s stock after selling 115 shares during the period. Renaissance Investment Group LLC’s holdings in McDonald’s were worth $897,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Mascagni Wealth Management Inc. purchased a new position in McDonald’s during the 4th quarter worth $25,000. HFM Investment Advisors LLC bought a new position in shares of McDonald’s during the 1st quarter worth $26,000. Nova Wealth Management Inc. purchased a new position in shares of McDonald’s during the first quarter valued at $26,000. Pinney & Scofield Inc. bought a new stake in shares of McDonald’s in the fourth quarter valued at about $29,000. Finally, Abound Financial LLC bought a new stake in shares of McDonald’s in the first quarter valued at about $30,000. 70.29% of the stock is owned by hedge funds and other institutional investors.

McDonald’s Stock Performance

Shares of MCD stock opened at $302.08 on Tuesday. McDonald’s Corporation has a fifty-two week low of $276.53 and a fifty-two week high of $326.32. The firm has a market capitalization of $215.56 billion, a PE ratio of 25.88, a P/E/G ratio of 3.11 and a beta of 0.50. The stock’s 50-day simple moving average is $305.50 and its 200-day simple moving average is $306.53.

McDonald’s (NYSE:MCD) last issued its earnings results on Wednesday, August 6th. The fast-food giant reported $3.19 EPS for the quarter, beating analysts’ consensus estimates of $3.15 by $0.04. McDonald’s had a negative return on equity of 225.52% and a net margin of 32.21%.The firm had revenue of $6.84 billion for the quarter, compared to analyst estimates of $6.68 billion. During the same quarter in the prior year, the firm earned $2.97 earnings per share. McDonald’s’s revenue for the quarter was up 5.4% on a year-over-year basis. Sell-side analysts forecast that McDonald’s Corporation will post 12.25 earnings per share for the current year.

McDonald’s Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a $1.77 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.3%. McDonald’s’s dividend payout ratio is presently 60.67%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Morgan Stanley raised their target price on shares of McDonald’s from $324.00 to $326.00 and gave the company an “equal weight” rating in a research report on Monday, July 14th. BMO Capital Markets increased their price objective on shares of McDonald’s from $350.00 to $360.00 and gave the company an “outperform” rating in a research note on Thursday, September 4th. KeyCorp reissued an “overweight” rating and set a $335.00 price objective (up from $325.00) on shares of McDonald’s in a report on Thursday, August 7th. TD Cowen upped their target price on McDonald’s from $305.00 to $315.00 and gave the stock a “hold” rating in a report on Wednesday, August 6th. Finally, Barclays increased their target price on McDonald’s from $355.00 to $360.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Eleven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, McDonald’s currently has an average rating of “Hold” and a consensus target price of $325.14.

Insider Buying and Selling at McDonald’s

In related news, CMO Edith Morgan Flatley sold 1,000 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $315.00, for a total transaction of $315,000.00. Following the completion of the transaction, the chief marketing officer owned 6,858 shares of the company’s stock, valued at $2,160,270. This trade represents a 12.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joseph M. Erlinger sold 939 shares of the company’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $299.49, for a total transaction of $281,221.11. Following the completion of the sale, the insider directly owned 9,283 shares in the company, valued at approximately $2,780,165.67. The trade was a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,341 shares of company stock worth $2,544,327. 0.25% of the stock is currently owned by company insiders.

About McDonald’s

McDonald’s Corp. engages in the operation and franchising of restaurants. It operates through the following segments: U.S., International Operated Markets, and International Developmental Licensed Markets and Corporate. The U.S. segment focuses its operations on the United States. The International Operated Markets segment consists of operations and the franchising of restaurants in Australia, Canada, France, Germany, Italy, the Netherlands, Spain, and the U.K.