McDonald’s (NYSE:MCD) PT Raised to $330.00

Posted by on Jul 23rd, 2023

McDonald’s (NYSE:MCD – Get Free Report) had its price objective lifted by equities researchers at KeyCorp from $320.00 to $330.00 in a research report issued on Friday, Marketbeat.com reports. The firm presently has an “overweight” rating on the fast-food giant’s stock. KeyCorp’s price objective would suggest a potential upside of 11.63% from the stock’s previous close. KeyCorp also issued estimates for McDonald’s’ Q2 2023 earnings at $2.80 EPS, Q3 2023 earnings at $2.94 EPS, Q4 2023 earnings at $2.74 EPS, FY2023 earnings at $11.10 EPS, Q1 2024 earnings at $2.81 EPS, Q2 2024 earnings at $3.09 EPS, Q3 2024 earnings at $3.26 EPS, Q4 2024 earnings at $3.04 EPS and FY2024 earnings at $12.21 EPS.

A number of other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of McDonald’s from $262.00 to $284.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 26th. StockNews.com initiated coverage on shares of McDonald’s in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. Loop Capital raised their price target on shares of McDonald’s from $328.00 to $346.00 in a research report on Wednesday, April 26th. TD Cowen raised their price target on shares of McDonald’s from $293.00 to $299.00 and gave the company an “outperform” rating in a research report on Friday, March 24th. Finally, Evercore ISI raised their price target on shares of McDonald’s from $310.00 to $315.00 in a research report on Wednesday, April 26th. Six investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, McDonald’s presently has a consensus rating of “Moderate Buy” and an average target price of $314.16.

McDonald’s Price Performance

MCD stock opened at $295.61 on Friday. The stock has a market capitalization of $215.82 billion, a PE ratio of 31.72, a price-to-earnings-growth ratio of 3.11 and a beta of 0.64. The company’s 50-day moving average is $291.45 and its 200-day moving average is $280.99. McDonald’s has a 1 year low of $230.58 and a 1 year high of $299.35.

McDonald’s (NYSE:MCD – Get Free Report) last released its quarterly earnings data on Tuesday, April 25th. The fast-food giant reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.32. The company had revenue of $5.90 billion for the quarter, compared to analysts’ expectations of $5.58 billion. McDonald’s had a net margin of 29.36% and a negative return on equity of 124.87%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.28 EPS. On average, analysts anticipate that McDonald’s will post 11.11 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Catherine A. Hoovel sold 840 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $298.77, for a total transaction of $250,966.80. Following the completion of the transaction, the senior vice president now directly owns 891 shares in the company, valued at $266,204.07. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other McDonald’s news, CMO Edith Morgan Flatley sold 2,000 shares of McDonald’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $285.07, for a total transaction of $570,140.00. Following the completion of the sale, the chief marketing officer now owns 1,929 shares of the company’s stock, valued at $549,900.03. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Catherine A. Hoovel sold 840 shares of McDonald’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $298.77, for a total value of $250,966.80. Following the sale, the senior vice president now directly owns 891 shares of the company’s stock, valued at approximately $266,204.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,641 shares of company stock worth $6,369,137. 0.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On McDonald’s

Several hedge funds have recently added to or reduced their stakes in MCD. Osterweis Capital Management Inc. bought a new stake in shares of McDonald’s in the 4th quarter valued at about $25,000. JDM Financial Group LLC bought a new stake in shares of McDonald’s in the 4th quarter valued at about $26,000. Grey Fox Wealth Advisors LLC lifted its stake in shares of McDonald’s by 102.0% in the 1st quarter. Grey Fox Wealth Advisors LLC now owns 101 shares of the fast-food giant’s stock valued at $28,000 after acquiring an additional 51 shares during the last quarter. Ridgewood Investments LLC bought a new stake in shares of McDonald’s in the 1st quarter valued at about $32,000. Finally, Global Wealth Strategies & Associates bought a new stake in shares of McDonald’s in the 4th quarter valued at about $35,000. Institutional investors own 67.08% of the company’s stock.

McDonald’s Company Profile

(Get Free Report)

McDonald's Corporation operates and franchises McDonald's restaurants in the United States and internationally. The company's restaurants offer hamburgers and cheeseburgers, chicken sandwiches and nuggets, fries, salads, shakes, frozen desserts, sundaes, soft serve cones, bakery items, soft drinks, coffee, and beverages and other beverages, as well as breakfast menu, including muffins, Sausages, biscuit and bagel sandwiches, oatmeal, hash browns, breakfast burritos and hotcakes.

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