Independence Bank of Kentucky Purchases 943 Shares of McDonald’s Co. (NYSE:MCD)

Independence Bank of Kentucky grew its position in shares of McDonald’s Co. (NYSE:MCD) by 32.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,856 shares of the fast-food giant’s stock after buying an additional 943 shares during the quarter. Independence Bank of Kentucky’s holdings in McDonald’s were worth $983,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of MCD. Destiny Wealth Partners LLC raised its position in McDonald’s by 10.6% in the 2nd quarter. Destiny Wealth Partners LLC now owns 1,373 shares of the fast-food giant’s stock valued at $350,000 after purchasing an additional 132 shares during the last quarter. Community Financial Services Group LLC raised its holdings in shares of McDonald’s by 5.5% in the second quarter. Community Financial Services Group LLC now owns 15,439 shares of the fast-food giant’s stock valued at $3,934,000 after buying an additional 803 shares during the last quarter. Sterling Investment Counsel LLC lifted its position in McDonald’s by 5.3% during the 2nd quarter. Sterling Investment Counsel LLC now owns 3,992 shares of the fast-food giant’s stock worth $1,017,000 after buying an additional 200 shares in the last quarter. Baillie Gifford & Co. grew its holdings in McDonald’s by 0.6% during the 2nd quarter. Baillie Gifford & Co. now owns 116,779 shares of the fast-food giant’s stock worth $29,760,000 after acquiring an additional 677 shares during the last quarter. Finally, Fullcircle Wealth LLC bought a new stake in McDonald’s during the 2nd quarter worth about $884,000. Institutional investors and hedge funds own 70.29% of the company’s stock.

McDonald’s Stock Performance

Shares of NYSE MCD traded up $0.31 during mid-day trading on Friday, reaching $289.52. The company had a trading volume of 2,145,946 shares, compared to its average volume of 3,554,448. The firm has a market cap of $208.65 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 3.58 and a beta of 0.71. The business’s 50-day simple moving average is $262.15 and its 200 day simple moving average is $270.91. McDonald’s Co. has a one year low of $243.53 and a one year high of $302.39.

McDonald’s (NYSE:MCD) last released its earnings results on Monday, July 29th. The fast-food giant reported $2.97 EPS for the quarter, missing the consensus estimate of $3.07 by ($0.10). The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.62 billion. McDonald’s had a net margin of 32.25% and a negative return on equity of 178.92%. McDonald’s’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the business earned $3.17 earnings per share. On average, sell-side analysts anticipate that McDonald’s Co. will post 11.71 EPS for the current year.

McDonald’s Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $1.67 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $6.68 dividend on an annualized basis and a dividend yield of 2.31%. McDonald’s’s dividend payout ratio (DPR) is currently 56.71%.

Insider Buying and Selling

In other McDonald’s news, insider Joseph M. Erlinger sold 1,098 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $260.00, for a total transaction of $285,480.00. Following the completion of the transaction, the insider now owns 14,780 shares of the company’s stock, valued at $3,842,800. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other McDonald’s news, insider Joseph M. Erlinger sold 1,099 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $260.00, for a total value of $285,740.00. Following the completion of the transaction, the insider now owns 13,681 shares of the company’s stock, valued at approximately $3,557,060. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joseph M. Erlinger sold 1,098 shares of McDonald’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $260.00, for a total value of $285,480.00. Following the sale, the insider now directly owns 14,780 shares in the company, valued at $3,842,800. The disclosure for this sale can be found here. Insiders sold a total of 4,793 shares of company stock worth $1,260,106 in the last ninety days. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MCD has been the topic of several research reports. KeyCorp reduced their price objective on McDonald’s from $310.00 to $305.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. 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. Stifel Nicolaus decreased their price objective on McDonald’s from $285.00 to $265.00 and set a “hold” rating for the company in a research report on Monday, July 22nd. The Goldman Sachs Group began coverage on shares of McDonald’s in a research report on Thursday, June 13th. They set a “neutral” rating and a $288.00 price objective for the company. Finally, Truist Financial cut their price target on McDonald’s from $300.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Eleven equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $303.71.

McDonald’s Company 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.