Welch & Forbes LLC Reduces Position in McDonald’s Corporation $MCD

Welch & Forbes LLC trimmed its stake in McDonald’s Corporation (NYSE:MCD) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 307,613 shares of the fast-food giant’s stock after selling 3,354 shares during the period. McDonald’s accounts for approximately 1.1% of Welch & Forbes LLC’s holdings, making the stock its 25th largest position. Welch & Forbes LLC’s holdings in McDonald’s were worth $93,481,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in McDonald’s during the 2nd quarter worth approximately $2,780,712,000. Laurel Wealth Advisors LLC increased its stake in shares of McDonald’s by 29,382.3% in the second quarter. Laurel Wealth Advisors LLC now owns 5,737,548 shares of the fast-food giant’s stock worth $1,676,339,000 after purchasing an additional 5,718,087 shares in the last quarter. Soundwatch Capital LLC bought a new stake in shares of McDonald’s during the 2nd quarter valued at $1,412,069,000. Viking Global Investors LP lifted its stake in shares of McDonald’s by 171.7% during the 2nd quarter. Viking Global Investors LP now owns 3,125,432 shares of the fast-food giant’s stock valued at $913,157,000 after buying an additional 1,974,998 shares in the last quarter. Finally, Amundi lifted its stake in shares of McDonald’s by 96.0% during the 2nd quarter. Amundi now owns 4,032,676 shares of the fast-food giant’s stock valued at $1,188,147,000 after buying an additional 1,974,751 shares in the last quarter. 70.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on MCD shares. Robert W. Baird boosted their price target on shares of McDonald’s from $322.00 to $325.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Piper Sandler reissued a “neutral” rating and set a $325.00 price target on shares of McDonald’s in a research note on Wednesday, October 22nd. Wells Fargo & Company raised their price target on McDonald’s from $340.00 to $345.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Guggenheim upped their price objective on McDonald’s from $295.00 to $310.00 and gave the stock a “neutral” rating in a report on Wednesday, November 19th. Finally, Truist Financial raised their target price on shares of McDonald’s from $350.00 to $356.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Thirteen research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, McDonald’s presently has an average rating of “Hold” and a consensus price target of $328.88.

McDonald’s Stock Performance

NYSE MCD opened at $314.86 on Friday. The business’s 50 day moving average price is $309.76 and its 200-day moving average price is $306.41. McDonald’s Corporation has a fifty-two week low of $283.47 and a fifty-two week high of $326.32. The company has a market cap of $224.23 billion, a P/E ratio of 26.87, a P/E/G ratio of 3.19 and a beta of 0.53.

McDonald’s (NYSE:MCD) last announced its quarterly earnings data on Wednesday, November 5th. The fast-food giant reported $3.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.33 by ($0.11). The firm had revenue of $7.08 billion during the quarter, compared to the consensus estimate of $7.10 billion. McDonald’s had a negative return on equity of 280.89% and a net margin of 32.04%.The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the company earned $3.23 EPS. As a group, equities analysts predict that McDonald’s Corporation will post 12.25 EPS for the current year.

Insider Activity at McDonald’s

In other news, CFO Ian Frederick Borden sold 17,134 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $310.00, for a total transaction of $5,311,540.00. Following the sale, the chief financial officer directly owned 26,353 shares of the company’s stock, valued at $8,169,430. The trade was a 39.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Manuel Jm Steijaert sold 13,134 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $300.42, for a total value of $3,945,716.28. Following the completion of the sale, the executive vice president owned 4,606 shares in the company, valued at approximately $1,383,734.52. This represents a 74.04% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 45,142 shares of company stock worth $13,841,169. 0.25% of the stock is owned by insiders.

McDonald’s Company Profile

McDonald’s Corporation (NYSE: MCD) is a global quick-service restaurant company best known for its hamburgers, French fries and breakfast offerings. The company develops, operates and franchises a system of restaurants that sell a range of food and beverage items, including signature products such as the Big Mac, Quarter Pounder, Chicken McNuggets, McCafé coffee beverages and a variety of salads, desserts and seasonal menu items. McDonald’s serves customers through company-operated restaurants and franchised locations, and it supports sales via dine-in, drive-thru, digital ordering platforms and third-party delivery partnerships.

Founded in 1940 by brothers Richard and Maurice McDonald as a single San Bernardino, California restaurant, the business was transformed into a franchising model after Ray Kroc joined in the mid-1950s and led the brand’s national and international expansion.