Combine a worldwide brand with solid execution, good growth, market share expansion, and a healthy dividend and it probably should be no great surprise that the stock is not cheap. Few companies are executing as well as McDonald's (NYSE: MCD) (let alone few restaurant companies), and the stock reflects this. While the company certainly has levers to pull for further growth and is a high-quality name, new investors may want to wait in the hope of a bargain before building a position here.
Juicy Third Quarter Growth
McDonald's did well for itself in the third quarter. Revenue rose 14% as reported, and 8% on a constant currency basis, as the company saw 5% worldwide comparable sales growth. Comparable store growth was good in the U.S. (helped by a strong September) and surprisingly strong in Europe. Results in Asia were a little disappointing, but still positive.
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