Bank of Nova Scotia Has $97.94 Million Stock Position in McDonald’s Corporation $MCD

Bank of Nova Scotia lessened its stake in shares of McDonald’s Corporation (NYSE:MCD) by 16.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 315,125 shares of the fast-food giant’s stock after selling 61,530 shares during the quarter. Bank of Nova Scotia’s holdings in McDonald’s were worth $97,938,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Dickmeyer Boyce Financial Management Inc. acquired a new stake in shares of McDonald’s during the first quarter valued at about $843,000. Gibbs Wealth Management grew its holdings in shares of McDonald’s by 252.4% during the first quarter. Gibbs Wealth Management now owns 11,006 shares of the fast-food giant’s stock worth $3,421,000 after purchasing an additional 7,883 shares during the last quarter. Sei Investments Co. increased its stake in shares of McDonald’s by 20.0% in the first quarter. Sei Investments Co. now owns 222,061 shares of the fast-food giant’s stock valued at $69,006,000 after buying an additional 36,943 shares during the period. Davis R M Inc. increased its stake in shares of McDonald’s by 0.7% in the first quarter. Davis R M Inc. now owns 11,840 shares of the fast-food giant’s stock valued at $3,680,000 after buying an additional 84 shares during the period. Finally, Ascension Capital Advisors Inc. bought a new position in McDonald’s in the 1st quarter valued at approximately $373,000. 70.29% of the stock is currently owned by institutional investors and hedge funds.

McDonald’s Price Performance

Shares of McDonald’s stock opened at $262.70 on Friday. The business has a 50-day simple moving average of $276.23 and a 200 day simple moving average of $299.11. McDonald’s Corporation has a one year low of $260.96 and a one year high of $341.75. The firm has a market capitalization of $186.65 billion, a price-to-earnings ratio of 21.66, a PEG ratio of 2.83 and a beta of 0.41.

McDonald’s (NYSE:MCD) last announced its quarterly earnings results on Thursday, May 7th. The fast-food giant reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.09. McDonald’s had a negative return on equity of 442.10% and a net margin of 31.62%.The business had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.47 billion. During the same quarter in the prior year, the company earned $2.67 earnings per share. The company’s quarterly revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts expect that McDonald’s Corporation will post 12.86 EPS for the current year.

McDonald’s Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st will be issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 1st. McDonald’s’s dividend payout ratio (DPR) is currently 61.34%.

Insiders Place Their Bets

In other McDonald’s news, EVP Desiree Ralls-Morrison sold 2,763 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $278.36, for a total transaction of $769,108.68. Following the transaction, the executive vice president owned 6,268 shares in the company, valued at approximately $1,744,760.48. This represents a 30.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph M. Erlinger sold 5,252 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $284.32, for a total transaction of $1,493,248.64. Following the completion of the transaction, the insider directly owned 7,734 shares in the company, valued at $2,198,930.88. This trade represents a 40.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 8,348 shares of company stock worth $2,355,634. 0.26% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Cfra upgraded shares of McDonald’s to a “buy” rating in a research report on Friday, May 8th. TD Cowen restated a “hold” rating on shares of McDonald’s in a research report on Friday, June 12th. Weiss Ratings downgraded shares of McDonald’s from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Evercore set a $320.00 price target on shares of McDonald’s in a report on Thursday. Finally, BTIG Research reissued a “buy” rating and issued a $370.00 price objective on shares of McDonald’s in a research note on Thursday, May 7th. Fifteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $335.12.

About McDonald’s

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.