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 73 cents, or 0.8 percent, to close at $96.21 Friday.
Jana’s 842,268 shares are valued at more than $80 million based on Thursday’s closing price of $95.48.
Oak Brook, Ill.-based McDonald’s could not be immediately reached for comment. The company has had a string of disappointing sales in recent quarters, and it is working on a variety of updates ranging from customizable burgers to updated technology to entice diners.