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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Beyond Meat, Inc.    BYND

BEYOND MEAT, INC.

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McDonald's to debut 'McPlant' in 2021, Beyond Meat says co-created patty

11/09/2020 | 04:17pm EST
FILE PHOTO: A sign promoting McDonald's

(Reuters) - Burger chain McDonald's Corp on Monday decided to debut a line of plant-based meat alternatives called "McPlant" in 2021, including a patty that Beyond Meat subsequently said it helped co-create.

"Beyond Meat and McDonald's co-created the plant-based patty which will be available as part of their McPlant platform," a Beyond Meat spokesperson said in an email.

Shares of Beyond Meat initially fell as much as 8% after McDonald's announcement, but recovered to end 4% lower after the plant-based meat company said it had a role in creating the McPlant patty. It did not provide additional details.

McDonald's, which reported market-beating profit and revenue for the third quarter earlier in the day, declined to say which suppliers it would use in crafting its own line of veggie products.

Beyond Meat was the front runner for a contract as it had conducted tests of a so-called "P.L.T." burger at nearly 100 McDonald's locations in Ontario, Canada, earlier this year.

"Plant-based products are an ongoing consumer trend. It's not a matter of if McDonald's will get into plant-based, it's a matter of when," McDonald's Chief Executive Officer Chris Kempczinski said on a call with analysts.

Analysts, rival fast food companies and plant-based protein producers have been closely watching McDonald's plans as it is one of the few national chains yet to sell plant-based meat burgers on a permanent basis.

While other chains have started offering plant-based meat options, including Restaurant Brands International Inc's Burger King, White Castle and Dunkin' Brands Group Inc, a McDonald's contract could be the biggest and would put the plant-based meat movement front and center in mainstream America.

McDonald's said under its McPlant line, it could offer products including burgers, chicken substitutes and breakfast sandwiches, which it expects to test in some markets in 2021.

(Reporting by Siddharth Cavale and Uday Sampath in Bengaluru and Hilary Russ in New York; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -1.66% 140.1 Delayed Quote.12.08%
DUNKIN' BRANDS GROUP, INC. 0.06% 106.48 End-of-day quote.0.00%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 1.32% 134.35 End-of-day quote.-4.57%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.51% 112.65 End-of-day quote.-0.77%
MCDONALD'S CORPORATION 0.68% 209.91 Delayed Quote.-2.18%
RESTAURANT BRANDS INTERNATIONAL INC. -2.07% 62.91 Delayed Quote.2.95%
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Financials (USD)
Sales 2020 411 M - -
Net income 2020 -28,4 M - -
Net cash 2020 172 M - -
P/E ratio 2020 -295x
Yield 2020 -
Capitalization 8 778 M 8 778 M -
EV / Sales 2020 20,9x
EV / Sales 2021 13,8x
Nbr of Employees 472
Free-Float 87,7%
Chart BEYOND MEAT, INC.
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Beyond Meat, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends BEYOND MEAT, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 117,35 $
Last Close Price 140,10 $
Spread / Highest target 28,5%
Spread / Average Target -16,2%
Spread / Lowest Target -59,3%
EPS Revisions
Managers and Directors
NameTitle
Ethan Walden Brown President, Chief Executive Officer & Director
Seth Goldman Chairman
Sanjay C. Shah Chief Operating Officer
Mark Joseph Nelson Chief Financial Officer & Treasurer
Raymond J. Lane Lead Independent Director
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