Nov. 14--Activist hedge fund Jana Partners has disclosed a purchase of McDonald's shares, sending the stock of the world's largest restaurant company up 0.8 percent.
Jana now holds 842,268 shares of McDonald's plus an option to buy up to 200,000 more shares, according to a filing the New York-based firm submitted to the Securities and Exchange Commission.
Shares of McDonald's, which have underperformed the broader market this year, climbed as high as $97.18 on Friday and ended the day at $96.21.
Jana's 842,268 shares are valued at more than $81 million based on Friday's close. The firm declined to comment on its investment.
"We welcome all investments in McDonald's," Oak Brook-based McDonald's said in a statement. "As always, our focus is on maximizing shareholder value through initiatives that ultimately benefit our customers."
The company has had a string of disappointing sales in recent quarters and is working on a variety of strategies ranging from customizable burgers to updated technology to entice diners.
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