Shares of fast-food chain, McDonald’s Corp. (NYSE:MCD) gained in pre-market trading after the company reported earnings for its third quarter. The fast-food chain’s Q3 adjusted earnings per share came in at $3.19, up by 19% year-over-year, which beat analysts’ consensus estimate of $3 per share.
The company generated revenues of $6.7 billion in Q3, an increase of 14% year-over-year. This beat analysts’ expectations of $6.6 billion. Globally, McDonald’s comparable sales increased by 8.8% in the third quarter.
McDonald’s President and CEO Chris Kempczinski commented, “With global Systemwide sales growth of 11%, our third quarter results reflect our position of strength as the industry leader.”
The company also hiked its quarterly cash dividend by 10% to $1.67 per share.
Is MCD Stock a Buy?
Analysts are bullish about MCD stock with a Strong Buy consensus rating based on 19 Buys and four Holds. The average MCD price target of $309.96 implies an upside potential of 21.2% at current levels.
