Payden & Rygel Cuts Stock Position in McDonald's Co. (NYSE:MCD)

Payden & Rygel trimmed its holdings in McDonald's Co. (NYSE:MCD - Free Report) by 42.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,100 shares of the fast-food giant's stock after selling 33,200 shares during the period. Payden & Rygel's holdings in McDonald's were worth $13,733,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in MCD. EverSource Wealth Advisors LLC lifted its holdings in shares of McDonald's by 4.6% in the third quarter. EverSource Wealth Advisors LLC now owns 8,513 shares of the fast-food giant's stock worth $2,593,000 after buying an additional 375 shares in the last quarter. Altman Advisors Inc. purchased a new stake in McDonald's in the 3rd quarter worth $1,722,000. Darwin Wealth Management LLC bought a new position in shares of McDonald's during the 3rd quarter valued at about $212,000. First Horizon Advisors Inc. boosted its holdings in shares of McDonald's by 7.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 125,079 shares of the fast-food giant's stock valued at $38,088,000 after purchasing an additional 8,891 shares during the last quarter. Finally, Hilton Capital Management LLC grew its position in shares of McDonald's by 2.2% during the third quarter. Hilton Capital Management LLC now owns 42,653 shares of the fast-food giant's stock valued at $12,988,000 after purchasing an additional 927 shares in the last quarter. Institutional investors own 70.29% of the company's stock.

Insider Buying and Selling

In other McDonald's news, insider Joseph M. Erlinger sold 1,098 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $288.70, for a total transaction of $316,992.60. Following the sale, the insider now owns 12,583 shares of the company's stock, valued at approximately $3,632,712.10. This trade represents a 8.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher J. Kempczinski sold 11,727 shares of the business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $300.03, for a total value of $3,518,451.81. Following the completion of the transaction, the chief executive officer now directly owns 49,885 shares of the company's stock, valued at approximately $14,966,996.55. The trade was a 19.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,596 shares of company stock valued at $10,698,289 over the last three months. 0.23% of the stock is owned by company insiders.

McDonald's Stock Performance

Shares of NYSE:MCD opened at $290.89 on Thursday. The firm's 50 day simple moving average is $300.06 and its 200-day simple moving average is $277.84. McDonald's Co. has a one year low of $243.53 and a one year high of $317.90. The firm has a market cap of $208.46 billion, a PE ratio of 25.54, a price-to-earnings-growth ratio of 3.87 and a beta of 0.74.

McDonald's (NYSE:MCD - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The fast-food giant reported $3.23 EPS for the quarter, topping the consensus estimate of $3.18 by $0.05. The company had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.82 billion. McDonald's had a negative return on equity of 175.42% and a net margin of 31.79%. McDonald's's quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the business posted $3.19 EPS. Equities research analysts predict that McDonald's Co. will post 11.77 EPS for the current fiscal year.

McDonald's Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $1.77 dividend. This is an increase from McDonald's's previous quarterly dividend of $1.67. This represents a $7.08 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, December 2nd. McDonald's's payout ratio is presently 58.65%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MCD shares. Barclays boosted their target price on McDonald's from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Citigroup upped their price objective on McDonald's from $301.00 to $317.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Robert W. Baird lowered shares of McDonald's from an "outperform" rating to a "neutral" rating and cut their target price for the company from $320.00 to $290.00 in a report on Wednesday, October 23rd. TD Cowen reaffirmed a "hold" rating and set a $300.00 price target on shares of McDonald's in a research note on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of McDonald's from $295.00 to $290.00 and set a "buy" rating for the company in a research report on Tuesday, July 30th. Thirteen analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, McDonald's presently has a consensus rating of "Moderate Buy" and a consensus target price of $319.46.

About McDonald's

McDonald's Corporation operates and franchises restaurants under the McDonald's brand in the United States and internationally. It offers food and beverages, including hamburgers and cheeseburgers, various chicken sandwiches, fries, shakes, desserts, sundaes, cookies, pies, soft drinks, coffee, and other beverages; and full or limited breakfast, as well as sells various other products during limited-time promotions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.