McDonald’s (NYSE:MCD) Given New $322.00 Price Target at Bank of America

McDonald’s (NYSE:MCD) had its price objective raised by Bank of America from $308.00 to $322.00 in a report published on Monday morning, Benzinga reports. Bank of America currently has a neutral rating on the fast-food giant’s stock.

MCD has been the topic of several other research reports. Robert W. Baird boosted their price target on McDonald’s from $280.00 to $320.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. TD Cowen upped their target price on McDonald’s from $280.00 to $300.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Truist Financial raised their price target on shares of McDonald’s from $295.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Argus upgraded shares of McDonald’s from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. Finally, The Goldman Sachs Group raised their target price on shares of McDonald’s from $284.00 to $325.00 and gave the stock a “neutral” rating in a report on Tuesday, September 24th. Ten equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $318.59.

McDonald’s Stock Down 0.5 %

Shares of McDonald’s stock opened at $314.89 on Monday. The company has a 50 day moving average price of $295.53 and a 200 day moving average price of $274.01. The firm has a market capitalization of $226.94 billion, a P/E ratio of 26.73, a PEG ratio of 4.05 and a beta of 0.73. McDonald’s has a 52 week low of $243.53 and a 52 week high of $317.90.

McDonald’s (NYSE:MCD) last posted 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). The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.62 billion. McDonald’s had a negative return on equity of 178.68% and a net margin of 32.25%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the business posted $3.17 EPS. As a group, research analysts anticipate that McDonald’s will post 11.71 earnings per share for the current fiscal year.

McDonald’s Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a dividend yield of 2.25%. This is a boost from McDonald’s’s previous quarterly dividend of $1.67. The ex-dividend date is Monday, December 2nd. McDonald’s’s payout ratio is presently 60.10%.

Insider Activity at McDonald’s

In other news, insider Joseph M. Erlinger sold 1,098 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $288.70, for a total transaction of $316,992.60. Following the completion of the sale, the insider now owns 12,583 shares of the company’s stock, valued at $3,632,712.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Joseph M. Erlinger sold 1,098 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 12,583 shares in the company, valued at $3,632,712.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Marion K. Gross sold 1,498 shares of McDonald’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $286.36, for a total value of $428,967.28. Following the transaction, the executive vice president now owns 1,560 shares in the company, valued at approximately $446,721.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,998 shares of company stock valued at $9,935,493. 0.23% of the stock is owned by insiders.

Institutional Investors Weigh In On McDonald’s

Hedge funds have recently modified their holdings of the company. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of McDonald’s during the 1st quarter worth approximately $28,000. Kings Path Partners LLC acquired a new position in shares of McDonald’s in the 2nd quarter valued at $38,000. Keener Financial Planning LLC grew its holdings in shares of McDonald’s by 32.3% during the 1st quarter. Keener Financial Planning LLC now owns 176 shares of the fast-food giant’s stock worth $50,000 after purchasing an additional 43 shares during the period. Opal Wealth Advisors LLC acquired a new stake in shares of McDonald’s during the 2nd quarter worth about $59,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in McDonald’s in the 1st quarter valued at about $69,000. Hedge funds and other institutional investors own 70.29% of the company’s stock.

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.