He made only one appearance for Bournemouth last season, that coming on the last Saturday of 2013 when he played the first hour of a 1-1 home draw against Ipswich before being replaced by Brett Pitman.
His next appearance was for Peterborough in mid-February for whom he played 14 times in the league, eight of them starts, and scored one league goal in a 4-2 win at Shrewsbury, whilst also scoring in their 3-1 Wembley win against Chesterfield to lift the Johnstone's Paint Trophy.
This latest move has taken him to Coventry until January where he'll find familiar faces in goalkeeper Ryan Allsop and winger Mohamed Coulibaly who have also moved to the Sky Blues from Bournemouth on loan deals.
Coventry boss Steven Pressley said: "Josh has been a target for us throughout the summer and we're delighted to bring him in before the start of the season.
"He is a proven League One striker who knows what it takes to be successful at this level and also has Championship experience. He is at a perfect age and he is an exciting player who will give us another striking option.
"Importantly, Josh is a player who very much suits the footballing philosophy of this football club and I'm sure he'll have a positive impact at the club."
Meanwhile, Bournemouth boss Eddie Howe, who brought him to Turf Moor in 2012, said: "With Josh entering the last year of his contract, we just felt there was a desire for him to play and we couldn't guarantee that at this moment in time.
"He goes on loan to get those games that he needs and, from our perspective, we will review his performances as the weeks go by and see where we stand.
"He did really well in a foreign position against Oxford (recent pre-season friendly) where he played in central midfield. He was excellent but trying to find game time for him at the start of the season with the squad we have I thought was going to be very difficult."
McQuoid made 17 appearances for the Clarets but, of those, only nine were starts. It's been the pattern of his career to date. The 24-year-old has started 78 league games in total and made a further 73 substitute appearances.