Here’s Why McDonald’s Corporation (MCD) Rose in Q3

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Although the S&P 500 Index had a 5.9% increase in third-quarter trading, the benchmark index ended the first nine months of 2024 with a remarkable 22.1% gain. The exceptional performance was fueled by a strong surge in technology stocks, artificial intelligence trends, and the start of a U.S. Federal Reserve (Fed) rate reduction cycle. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Carillon Eagle Growth & Income Fund highlighted stocks like McDonald’s Corporation (NYSE:MCD) in the third quarter 2024 investor letter. McDonald’s Corporation (NYSE:MCD) is a global fast-food chain that operates and franchises restaurants under the McDonald’s brand. The one-month return of McDonald’s Corporation (NYSE:MCD) was -5.69%, and its shares gained 8.27% of their value over the last 52 weeks. On November 13, 2024, McDonald’s Corporation (NYSE:MCD) stock closed at $298.56 per share with a market capitalization of $213.954 billion.

Carillon Eagle Growth & Income Fund stated the following regarding McDonald’s Corporation (NYSE:MCD) in its Q3 2024 investor letter:

“McDonald’s Corporation (NYSE:MCD) performed well as it met the expectations of investors looking for improvements in relative market share trends. The company’s introductions of menu items at premium- and medium-price tiers are picking up pace, allowing it to capture value more effectively.”

A cook in a busy kitchen assembling cheeseburgers for orders.

McDonald’s Corporation (NYSE:MCD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held McDonald’s Corporation (NYSE:MCD) at the end of the second quarter which was 63 in the previous quarter. While we acknowledge the potential of McDonald’s Corporation (NYSE:MCD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed McDonald’s Corporation (NYSE:MCD) and shared the list of best fast food stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.