Sawgrass Asset Management LLC Sells 2,409 Shares of McDonald's Co. (NYSE:MCD)

Sawgrass Asset Management LLC decreased its holdings in McDonald's Co. (NYSE:MCD - Free Report) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,546 shares of the fast-food giant's stock after selling 2,409 shares during the quarter. McDonald's makes up 1.8% of Sawgrass Asset Management LLC's investment portfolio, making the stock its 12th biggest holding. Sawgrass Asset Management LLC's holdings in McDonald's were worth $17,219,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Hara Capital LLC purchased a new stake in shares of McDonald's during the 3rd quarter valued at $44,000. Kings Path Partners LLC bought a new stake in McDonald's during the second quarter worth about $38,000. Opal Wealth Advisors LLC bought a new stake in McDonald's during the second quarter worth about $59,000. Bbjs Financial Advisors LLC bought a new stake in McDonald's during the second quarter worth about $65,000. Finally, Macroview Investment Management LLC boosted its stake in McDonald's by 433.3% during the second quarter. Macroview Investment Management LLC now owns 256 shares of the fast-food giant's stock worth $65,000 after acquiring an additional 208 shares in the last quarter. Institutional investors own 70.29% of the company's stock.

Insider Transactions at McDonald's

In other news, CMO Edith Morgan Flatley sold 2,346 shares of McDonald's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $310.00, for a total value of $727,260.00. Following the transaction, the chief marketing officer now owns 2,905 shares of the company's stock, valued at $900,550. The trade was a 44.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 transaction of $3,518,451.81. Following the completion of the sale, the chief executive officer now owns 49,885 shares of the company's stock, valued at $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. In the last three months, insiders sold 35,596 shares of company stock valued at $10,698,289. Insiders own 0.23% of the company's stock.

McDonald's Price Performance

Shares of MCD stock traded down $5.93 during trading hours on Friday, hitting $292.63. The stock had a trading volume of 4,039,432 shares, compared to its average volume of 4,976,190. McDonald's Co. has a one year low of $243.53 and a one year high of $317.90. The stock's 50-day moving average price is $300.06 and its two-hundred day moving average price is $277.46. The stock has a market capitalization of $209.70 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 3.89 and a beta of 0.74.

McDonald's (NYSE:MCD - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The fast-food giant reported $3.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.18 by $0.05. McDonald's had a negative return on equity of 175.42% and a net margin of 31.79%. The firm had revenue of $6.87 billion during the quarter, compared to analyst estimates of $6.82 billion. During the same quarter in the previous year, the business earned $3.19 earnings per share. McDonald's's quarterly revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts predict that McDonald's Co. will post 11.77 earnings per share for the current fiscal year.

McDonald's Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $1.77 dividend. This represents a $7.08 annualized dividend and a yield of 2.42%. The ex-dividend date is Monday, December 2nd. This is a boost from McDonald's's previous quarterly dividend of $1.67. McDonald's's dividend payout ratio (DPR) is currently 58.65%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MCD. KeyCorp boosted their price objective on shares of McDonald's from $305.00 to $330.00 and gave the company an "overweight" rating in a report on Monday, October 7th. Truist Financial cut their price target on McDonald's from $350.00 to $342.00 and set a "buy" rating on the stock in a research note on Wednesday, October 30th. Bank of America boosted their price target on McDonald's from $321.00 to $324.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. TD Cowen restated a "hold" rating and issued a $300.00 target price on shares of McDonald's in a report on Tuesday, October 29th. Finally, Argus upgraded McDonald's from a "hold" rating to a "buy" rating in a report on Tuesday, October 8th. Thirteen equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat, McDonald's presently has an average 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.