State Treasurer State of Michigan lifted its stake in shares of General Mills, Inc. (NYSE:GIS) by 4.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,538 shares of the company’s stock after acquiring an additional 8,000 shares during the period. State Treasurer State of Michigan’s holdings in General Mills were worth $7,769,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Lee Financial Co increased its position in shares of General Mills by 178.2% during the first quarter. Lee Financial Co now owns 2,504 shares of the company’s stock worth $113,000 after acquiring an additional 1,604 shares in the last quarter. Institutional & Family Asset Management LLC bought a new stake in shares of General Mills during the first quarter worth $115,000. Acadian Asset Management LLC bought a new stake in shares of General Mills during the second quarter worth $115,000. Adviser Investments LLC increased its position in shares of General Mills by 158.7% during the second quarter. Adviser Investments LLC now owns 2,608 shares of the company’s stock worth $115,000 after acquiring an additional 1,600 shares in the last quarter. Finally, TLP Group LLC increased its position in shares of General Mills by 840.9% during the first quarter. TLP Group LLC now owns 2,992 shares of the company’s stock worth $135,000 after acquiring an additional 2,674 shares in the last quarter. 71.75% of the stock is owned by institutional investors.
A number of research firms recently weighed in on GIS. Piper Jaffray Companies set a $45.00 target price on shares of General Mills and gave the company a “hold” rating in a research report on Tuesday, June 5th. Sanford C. Bernstein reaffirmed a “sell” rating on shares of General Mills in a research report on Tuesday, July 10th. Zacks Investment Research raised shares of General Mills from a “sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Susquehanna Bancshares set a $50.00 target price on shares of General Mills and gave the company a “buy” rating in a research report on Monday, May 21st. Finally, Bank of America reaffirmed a “hold” rating and issued a $49.00 target price on shares of General Mills in a research report on Wednesday, June 27th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $50.71.
Shares of GIS stock opened at $47.21 on Friday. The firm has a market capitalization of $26.81 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 1.74 and a beta of 0.77. The company has a quick ratio of 0.34, a current ratio of 0.56 and a debt-to-equity ratio of 1.95. General Mills, Inc. has a one year low of $41.01 and a one year high of $60.69.
General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, June 27th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.07. The firm had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.89 billion. General Mills had a net margin of 13.54% and a return on equity of 35.14%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.73 earnings per share. equities research analysts predict that General Mills, Inc. will post 3.05 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Tuesday, July 10th were paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Monday, July 9th. General Mills’s dividend payout ratio is currently 63.02%.
In other General Mills news, Director Heidi Miller sold 13,204 shares of the stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $45.77, for a total value of $604,347.08. Following the completion of the sale, the director now owns 82,295 shares in the company, valued at $3,766,642.15. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kofi A. Bruce sold 2,200 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $47.28, for a total transaction of $104,016.00. Following the completion of the sale, the insider now owns 19,660 shares of the company’s stock, valued at approximately $929,524.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 158,018 shares of company stock valued at $7,114,487. Corporate insiders own 1.40% of the company’s stock.
General Mills Company Profile
General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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