Bank of America Corp DE Boosts Holdings in General Mills, Inc. (NYSE:GIS)

Bank of America Corp DE raised its holdings in shares of General Mills, Inc. (NYSE:GISGet Rating) by 15.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 6,227,105 shares of the company’s stock after purchasing an additional 842,191 shares during the period. Bank of America Corp DE’s holdings in General Mills were worth $421,700,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Capital International Investors boosted its stake in shares of General Mills by 20.5% during the 4th quarter. Capital International Investors now owns 33,819,030 shares of the company’s stock worth $2,278,685,000 after purchasing an additional 5,742,286 shares during the last quarter. Norges Bank acquired a new stake in shares of General Mills during the 4th quarter worth about $278,095,000. BlackRock Inc. boosted its stake in shares of General Mills by 6.9% during the 1st quarter. BlackRock Inc. now owns 48,512,369 shares of the company’s stock worth $3,285,257,000 after purchasing an additional 3,122,049 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of General Mills by 162.5% during the 1st quarter. First Trust Advisors LP now owns 4,130,154 shares of the company’s stock worth $279,694,000 after purchasing an additional 2,556,537 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of General Mills by 2.3% during the 1st quarter. State Street Corp now owns 35,209,877 shares of the company’s stock worth $2,384,413,000 after purchasing an additional 786,443 shares during the last quarter. 75.48% of the stock is currently owned by hedge funds and other institutional investors.

General Mills Trading Up 0.2 %

NYSE GIS opened at $75.25 on Monday. General Mills, Inc. has a one year low of $57.47 and a one year high of $78.54. The company’s 50 day moving average price is $75.93 and its 200 day moving average price is $71.52. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.40 and a current ratio of 0.63. The firm has a market capitalization of $44.83 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 2.51 and a beta of 0.33.

General Mills (NYSE:GISGet Rating) last posted its quarterly earnings results on Wednesday, June 29th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.01 by $0.11. General Mills had a net margin of 14.25% and a return on equity of 23.74%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.81 billion. During the same quarter last year, the firm posted $0.91 earnings per share. General Mills’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, sell-side analysts predict that General Mills, Inc. will post 4 EPS for the current year.

General Mills Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, July 7th. Stockholders of record on Friday, July 8th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Thursday, July 7th. General Mills’s dividend payout ratio is currently 48.87%.

Wall Street Analyst Weigh In

GIS has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of General Mills from $75.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, June 30th. UBS Group raised their target price on shares of General Mills from $77.00 to $79.00 in a research report on Thursday. Morgan Stanley raised their target price on shares of General Mills from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Friday, July 1st. Citigroup raised their target price on shares of General Mills from $82.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, June 30th. Finally, Royal Bank of Canada raised their target price on shares of General Mills from $66.00 to $68.00 and gave the stock a “sector perform” rating in a research report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, General Mills presently has an average rating of “Hold” and an average target price of $73.64.

Insider Activity

In other news, insider Sean N. Walker sold 29,489 shares of General Mills stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $75.00, for a total transaction of $2,211,675.00. Following the sale, the insider now owns 89,989 shares in the company, valued at $6,749,175. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark A. Pallot sold 2,255 shares of General Mills stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $74.66, for a total value of $168,358.30. Following the completion of the sale, the chief accounting officer now owns 17,087 shares in the company, valued at $1,275,715.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean N. Walker sold 29,489 shares of General Mills stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $75.00, for a total transaction of $2,211,675.00. Following the completion of the sale, the insider now owns 89,989 shares of the company’s stock, valued at approximately $6,749,175. The disclosure for this sale can be found here. Insiders have sold 58,422 shares of company stock worth $4,397,556 over the last 90 days. Company insiders own 0.67% of the company’s stock.

General Mills Profile

(Get Rating)

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, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables.

Featured Stories

Want to see what other hedge funds are holding GIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Mills, Inc. (NYSE:GISGet Rating).

Institutional Ownership by Quarter for General Mills (NYSE:GIS)

Receive News & Ratings for General Mills Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Mills and related companies with MarketBeat.com's FREE daily email newsletter.