Penobscot Investment Management Company Inc. raised its stake in shares of General Mills, Inc. (NYSE:GIS – Free Report) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,516 shares of the company’s stock after purchasing an additional 200 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in General Mills were worth $500,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of the stock. Moneta Group Investment Advisors LLC boosted its position in General Mills by 123,599.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 11,076,005 shares of the company’s stock valued at $928,723,000 after buying an additional 11,067,051 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in General Mills by 0.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,852,150 shares of the company’s stock worth $734,907,000 after acquiring an additional 75,902 shares during the last quarter. Morgan Stanley raised its position in General Mills by 14.6% in the 4th quarter. Morgan Stanley now owns 8,249,549 shares of the company’s stock valued at $691,725,000 after purchasing an additional 1,051,169 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in General Mills by 101.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,935,085 shares of the company’s stock worth $592,673,000 after purchasing an additional 3,496,741 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich grew its holdings in shares of General Mills by 99,497.8% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 5,302,586 shares of the company’s stock worth $406,708,000 after purchasing an additional 5,297,262 shares during the last quarter. 75.31% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on GIS. The Goldman Sachs Group reduced their price target on shares of General Mills from $70.00 to $61.00 and set a “sell” rating on the stock in a research report on Wednesday, September 20th. Mizuho dropped their price objective on shares of General Mills from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 21st. HSBC began coverage on General Mills in a research note on Friday, September 22nd. They issued a “hold” rating and a $74.00 target price for the company. Wells Fargo & Company cut their price target on General Mills from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 7th. Finally, TD Cowen assumed coverage on General Mills in a research report on Wednesday, September 13th. They issued a “market perform” rating and a $70.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $74.94.
General Mills Stock Performance
GIS opened at $64.62 on Thursday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.41 and a current ratio of 0.72. The business’s 50-day simple moving average is $64.52 and its 200 day simple moving average is $73.54. The firm has a market capitalization of $37.56 billion, a PE ratio of 15.78, a PEG ratio of 2.19 and a beta of 0.27. General Mills, Inc. has a 52-week low of $60.33 and a 52-week high of $90.89.
General Mills (NYSE:GIS – Get Free Report) last issued its earnings results on Wednesday, September 20th. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. General Mills had a net margin of 12.07% and a return on equity of 24.39%. The business had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.88 billion. During the same period in the previous year, the company earned $1.11 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, sell-side analysts expect that General Mills, Inc. will post 4.48 earnings per share for the current fiscal year.
General Mills Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a yield of 3.65%. General Mills’s dividend payout ratio (DPR) is 57.56%.
General Mills Profile
General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, 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 and frozen desserts, nutrition bars, and savory snacks, as well as various organic products, including frozen and shelf-stable vegetables.
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