Sax Wealth Advisors LLC Reduces Position in McDonald’s Corporation $MCD

Sax Wealth Advisors LLC lessened its position in shares of McDonald’s Corporation (NYSE:MCD) by 28.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 16,943 shares of the fast-food giant’s stock after selling 6,896 shares during the quarter. Sax Wealth Advisors LLC’s holdings in McDonald’s were worth $4,950,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MCD. Nuveen LLC acquired a new stake in McDonald’s in the first quarter valued at $1,324,961,000. Price T Rowe Associates Inc. MD lifted its holdings in McDonald’s by 16.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,341,460 shares of the fast-food giant’s stock valued at $2,917,993,000 after acquiring an additional 1,344,954 shares during the period. Goldman Sachs Group Inc. lifted its holdings in McDonald’s by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 4,982,825 shares of the fast-food giant’s stock valued at $1,556,485,000 after acquiring an additional 815,768 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in McDonald’s by 732.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 650,544 shares of the fast-food giant’s stock valued at $203,211,000 after acquiring an additional 572,408 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of McDonald’s by 204.8% in the second quarter. Assenagon Asset Management S.A. now owns 607,145 shares of the fast-food giant’s stock valued at $177,390,000 after buying an additional 407,982 shares in the last quarter. 70.29% of the stock is owned by institutional investors and hedge funds.

McDonald’s Price Performance

NYSE MCD opened at $296.35 on Wednesday. The business’s 50-day simple moving average is $306.74 and its 200-day simple moving average is $306.02. The firm has a market capitalization of $211.47 billion, a P/E ratio of 25.39, a P/E/G ratio of 3.01 and a beta of 0.50. McDonald’s Corporation has a 1-year low of $276.53 and a 1-year high of $326.32.

McDonald’s (NYSE:MCD) last released its quarterly earnings results on Wednesday, August 6th. The fast-food giant reported $3.19 EPS for the quarter, topping the consensus estimate of $3.15 by $0.04. The firm had revenue of $6.84 billion for the quarter, compared to analyst estimates of $6.68 billion. McDonald’s had a negative return on equity of 225.52% and a net margin of 32.21%.McDonald’s’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 EPS. On average, equities research analysts expect that McDonald’s Corporation will post 12.25 EPS for the current fiscal year.

McDonald’s Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were given a dividend of $1.77 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $7.08 annualized dividend and a yield of 2.4%. McDonald’s’s payout ratio is 60.67%.

Analyst Ratings Changes

MCD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on McDonald’s from $305.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Piper Sandler raised their price target on McDonald’s from $314.00 to $325.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. TD Cowen upped their target price on McDonald’s from $305.00 to $315.00 and gave the company a “hold” rating in a research note on Wednesday, August 6th. The Goldman Sachs Group raised McDonald’s from a “neutral” rating to a “buy” rating and set a $345.00 target price on the stock in a research note on Thursday, July 10th. Finally, Bank of America reduced their target price on McDonald’s from $327.00 to $322.00 and set a “neutral” rating on the stock in a research note on Friday, July 18th. Twelve equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $325.86.

Insider Buying and Selling

In related news, EVP Jonathan Banner sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $310.00, for a total transaction of $310,000.00. Following the transaction, the executive vice president directly owned 99 shares of the company’s stock, valued at approximately $30,690. The trade was a 90.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joseph M. Erlinger sold 939 shares of the business’s stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $299.49, for a total value of $281,221.11. Following the transaction, the insider directly owned 9,283 shares in the company, valued at $2,780,165.67. This trade represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,402 shares of company stock valued at $2,273,407. Insiders own 0.25% of the company’s stock.

McDonald’s Profile

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.