Thinking about this mind-boggling move another way: the hedge fund held a little under 14,000 shares of the fast food operator at the end of Q3, and one quarter later, this position spiked to more than 5.1 million shares.
McDonald’s has generated a modest mid-single-digit return in 2013 thus far, and the company did beat Wall Street’s earnings estimates when it reported Q4 results in January. Worries over last month’s less than stellar same-store sales numbers in Europe and parts of Asia have weighed on the stock of late, but analysts’ average price target still foresees a 6%-7% upside from current levels.
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