Formidable Asset Management LLC raised its stake in General Mills, Inc. (NYSE:GIS) by 288.7% during the second quarter, Holdings Channel reports. The fund owned 48,497 shares of the company’s stock after purchasing an additional 36,021 shares during the quarter. General Mills comprises approximately 0.9% of Formidable Asset Management LLC’s holdings, making the stock its 24th biggest position. Formidable Asset Management LLC’s holdings in General Mills were worth $2,146,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lee Financial Co increased its holdings in General Mills by 178.2% in the 1st quarter. Lee Financial Co now owns 2,504 shares of the company’s stock valued at $113,000 after acquiring an additional 1,604 shares during the last quarter. Institutional & Family Asset Management LLC bought a new stake in General Mills in the 1st quarter valued at $115,000. Acadian Asset Management LLC bought a new stake in General Mills in the 2nd quarter valued at $115,000. Adviser Investments LLC increased its holdings in General Mills by 158.7% in the 2nd quarter. Adviser Investments LLC now owns 2,608 shares of the company’s stock valued at $115,000 after acquiring an additional 1,600 shares during the last quarter. Finally, TLP Group LLC increased its holdings in shares of General Mills by 840.9% in the 1st quarter. TLP Group LLC now owns 2,992 shares of the company’s stock worth $135,000 after buying an additional 2,674 shares during the last quarter. Institutional investors own 71.75% of the company’s stock.
A number of analysts have recently weighed in on GIS shares. ValuEngine downgraded shares of General Mills from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 2nd. Goldman Sachs Group upgraded shares of General Mills from a “sell” rating to a “neutral” rating and set a $47.00 target price on the stock in a report on Wednesday, May 16th. Susquehanna Bancshares set a $50.00 target price on shares of General Mills and gave the stock a “buy” rating in a report on Monday, May 21st. Piper Jaffray Companies set a $45.00 target price on shares of General Mills and gave the stock a “hold” rating in a report on Tuesday, June 5th. Finally, Zacks Investment Research upgraded shares of General Mills from a “sell” rating to a “hold” rating in a report on Tuesday, June 5th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $50.71.
In related news, insider Jacqueline Williams-Roll sold 2,450 shares of the company’s stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $43.23, for a total transaction of $105,913.50. Following the transaction, the insider now directly owns 39,074 shares in the company, valued at approximately $1,689,169.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey L. Harmening purchased 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 23rd. The shares were purchased at an average price of $42.18 per share, for a total transaction of $253,080.00. Following the completion of the acquisition, the chief executive officer now directly owns 114,696 shares in the company, valued at approximately $4,837,877.28. The disclosure for this purchase can be found here. Insiders have sold a total of 158,018 shares of company stock worth $7,114,487 over the last quarter. 1.40% of the stock is currently owned by insiders.
Shares of NYSE:GIS opened at $47.21 on Monday. The stock has a market cap of $26.81 billion, a P/E ratio of 15.18, a PEG ratio of 1.74 and a beta of 0.77. General Mills, Inc. has a 12 month low of $41.01 and a 12 month high of $60.69. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.34 and a current ratio of 0.56.
General Mills (NYSE:GIS) last issued its quarterly earnings results on Wednesday, June 27th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.72 by $0.07. The company had revenue of $3.89 billion for the quarter, compared to the consensus estimate of $3.89 billion. General Mills had a net margin of 13.54% and a return on equity of 35.14%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 EPS. equities analysts forecast that General Mills, Inc. will post 3.05 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Investors of record on Tuesday, July 10th were issued a dividend of $0.49 per share. The ex-dividend date of this dividend was Monday, July 9th. This represents a $1.96 annualized dividend and a yield of 4.15%. General Mills’s payout ratio is 63.02%.
General Mills 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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