Chemung Canal Trust Co. Grows Stake in McDonald’s Co. (NYSE:MCD)

Chemung Canal Trust Co. increased its holdings in shares of McDonald’s Co. (NYSE:MCD) by 57.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,676 shares of the fast-food giant’s stock after purchasing an additional 11,233 shares during the quarter. McDonald’s makes up 1.9% of Chemung Canal Trust Co.’s portfolio, making the stock its 18th biggest holding. Chemung Canal Trust Co.’s holdings in McDonald’s were worth $9,341,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Apella Capital LLC grew its holdings in McDonald’s by 13.8% during the 3rd quarter. Apella Capital LLC now owns 6,440 shares of the fast-food giant’s stock valued at $1,956,000 after buying an additional 780 shares in the last quarter. Czech National Bank grew its holdings in McDonald’s by 6.4% during the 3rd quarter. Czech National Bank now owns 146,130 shares of the fast-food giant’s stock valued at $44,498,000 after buying an additional 8,797 shares in the last quarter. Central Pacific Bank Trust Division grew its holdings in McDonald’s by 0.9% during the 3rd quarter. Central Pacific Bank Trust Division now owns 4,248 shares of the fast-food giant’s stock valued at $1,294,000 after buying an additional 39 shares in the last quarter. Boltwood Capital Management grew its holdings in McDonald’s by 14.6% during the 3rd quarter. Boltwood Capital Management now owns 1,847 shares of the fast-food giant’s stock valued at $562,000 after buying an additional 236 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its holdings in McDonald’s by 2.5% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 125,480 shares of the fast-food giant’s stock valued at $38,210,000 after buying an additional 3,056 shares in the last quarter. Hedge funds and other institutional investors own 70.29% of the company’s stock.

Insider Buying and Selling

In related news, insider Joseph M. Erlinger sold 1,099 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $260.00, for a total transaction of $285,740.00. Following the transaction, the insider now directly owns 13,681 shares in the company, valued at $3,557,060. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other McDonald’s news, insider Joseph M. Erlinger sold 1,099 shares of McDonald’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $260.00, for a total transaction of $285,740.00. Following the completion of the sale, the insider now owns 13,681 shares of the company’s stock, valued at approximately $3,557,060. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher J. Kempczinski sold 11,727 shares of McDonald’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 49,885 shares of the company’s stock, valued at approximately $14,966,996.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,751 shares of company stock worth $9,493,973 in the last ninety days. 0.23% of the stock is owned by insiders.

McDonald’s Trading Up 0.2 %

Shares of NYSE:MCD traded up $0.64 on Friday, reaching $304.09. The company had a trading volume of 498,927 shares, compared to its average volume of 3,404,934. McDonald’s Co. has a 52-week low of $243.53 and a 52-week high of $306.96. The firm’s 50 day simple moving average is $285.63 and its 200-day simple moving average is $271.71. The firm has a market capitalization of $219.15 billion, a PE ratio of 25.76, a PEG ratio of 3.99 and a beta of 0.73.

McDonald’s (NYSE:MCD) last announced its quarterly earnings results on Monday, July 29th. The fast-food giant reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.10). McDonald’s had a net margin of 32.25% and a negative return on equity of 178.68%. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the prior year, the business posted $3.17 earnings per share. The company’s revenue was down .1% compared to the same quarter last year. As a group, equities research analysts predict that McDonald’s Co. will post 11.69 earnings per share for the current year.

McDonald’s Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a yield of 2.33%. This is an increase from McDonald’s’s previous quarterly dividend of $1.67. The ex-dividend date is Monday, December 2nd. McDonald’s’s payout ratio is 60.10%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MCD. Truist Financial cut their price target on McDonald’s from $300.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Bank of America lowered their price objective on McDonald’s from $288.00 to $278.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Stifel Nicolaus lowered their price objective on McDonald’s from $285.00 to $265.00 and set a “hold” rating for the company in a research note on Monday, July 22nd. Evercore ISI raised their price objective on McDonald’s from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Finally, Citigroup raised their price objective on McDonald’s from $301.00 to $317.00 and gave the company a “neutral” rating in a research note on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $309.15.

McDonald’s Profile

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.