Corebridge Financial Inc. Sells 10,114 Shares of McDonald’s Co. (NYSE:MCD)

Corebridge Financial Inc. cut its holdings in shares of McDonald’s Co. (NYSE:MCD) by 5.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 164,702 shares of the fast-food giant’s stock after selling 10,114 shares during the period. Corebridge Financial Inc.’s holdings in McDonald’s were worth $47,745,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Legacy Investment Solutions LLC bought a new stake in McDonald’s during the third quarter worth about $25,000. Atala Financial Inc acquired a new position in shares of McDonald’s during the 4th quarter worth approximately $26,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of McDonald’s during the 4th quarter worth approximately $27,000. Collier Financial acquired a new stake in shares of McDonald’s in the 4th quarter valued at approximately $29,000. Finally, Fairway Wealth LLC grew its stake in shares of McDonald’s by 110.0% in the fourth quarter. Fairway Wealth LLC now owns 105 shares of the fast-food giant’s stock valued at $30,000 after buying an additional 55 shares in the last quarter. 70.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Morgan Stanley dropped their price target on shares of McDonald’s from $340.00 to $335.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Wedbush raised their target price on shares of McDonald’s from $320.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. KeyCorp boosted their price target on McDonald’s from $320.00 to $335.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 11th. Truist Financial cut their price objective on McDonald’s from $342.00 to $340.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Finally, TD Securities reissued a “hold” rating and set a $300.00 target price on shares of McDonald’s in a report on Monday, February 10th. Nine research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $323.39.

McDonald’s Stock Performance

NYSE:MCD opened at $305.07 on Monday. McDonald’s Co. has a fifty-two week low of $243.53 and a fifty-two week high of $326.32. The company has a market cap of $217.96 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 3.10 and a beta of 0.71. The stock has a fifty day moving average price of $298.75 and a 200-day moving average price of $297.53.

McDonald’s (NYSE:MCD) last announced its quarterly earnings data on Monday, February 10th. The fast-food giant reported $2.83 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.83. McDonald’s had a net margin of 31.73% and a negative return on equity of 181.63%. Research analysts predict that McDonald’s Co. will post 12.25 EPS for the current fiscal year.

McDonald’s Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $1.77 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $7.08 dividend on an annualized basis and a yield of 2.32%. McDonald’s’s dividend payout ratio (DPR) is 62.16%.

Insider Buying and Selling at McDonald’s

In related news, insider Joseph M. Erlinger sold 300 shares of McDonald’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $280.75, for a total transaction of $84,225.00. Following the sale, the insider now directly owns 7,887 shares of the company’s stock, valued at approximately $2,214,275.25. The trade was a 3.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher J. Kempczinski sold 10,500 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $310.05, for a total value of $3,255,525.00. Following the completion of the transaction, the chief executive officer now owns 32,756 shares of the company’s stock, valued at $10,155,997.80. This represents a 24.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,405 shares of company stock worth $9,886,656 over the last three months. Corporate insiders own 0.23% of the company’s stock.

McDonald’s Profile

McDonald’s Corp. engages in the operation and franchising of restaurants. It operates through the following segments: U.S., International Operated Markets, and International Developmental Licensed Markets and Corporate. The U.S. segment focuses its operations on the United States. The International Operated Markets segment consists of operations and the franchising of restaurants in Australia, Canada, France, Germany, Italy, the Netherlands, Spain, and the U.K.