Schmidt P J Investment Management Inc. lifted its stake in shares of General Mills, Inc. (NYSE:GIS) by 23.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,305 shares of the company’s stock after acquiring an additional 3,300 shares during the quarter. Schmidt P J Investment Management Inc.’s holdings in General Mills were worth $1,058,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of GIS. Nordea Investment Management AB increased its stake in shares of General Mills by 103.3% during the second quarter. Nordea Investment Management AB now owns 4,153,240 shares of the company’s stock valued at $250,648,000 after acquiring an additional 2,109,943 shares during the period. Robeco Institutional Asset Management B.V. grew its position in General Mills by 90.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 2,204,615 shares of the company’s stock worth $135,916,000 after buying an additional 1,044,419 shares during the last quarter. Two Sigma Advisers LP grew its position in General Mills by 63.8% in the second quarter. Two Sigma Advisers LP now owns 2,573,200 shares of the company’s stock worth $158,638,000 after buying an additional 1,002,600 shares during the last quarter. Nuveen Asset Management LLC grew its position in General Mills by 37.9% in the second quarter. Nuveen Asset Management LLC now owns 3,370,043 shares of the company’s stock worth $207,763,000 after buying an additional 925,963 shares during the last quarter. Finally, Prudential PLC grew its position in General Mills by 33.7% in the second quarter. Prudential PLC now owns 2,209,727 shares of the company’s stock worth $136,231,000 after buying an additional 556,362 shares during the last quarter. Institutional investors and hedge funds own 72.40% of the company’s stock.
In other news, insider Sean N. Walker sold 9,062 shares of the business’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $61.59, for a total transaction of $558,128.58. Following the transaction, the insider now owns 66,793 shares in the company, valued at approximately $4,113,780.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Shawn P. Ogrady sold 6,310 shares of the business’s stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $60.77, for a total transaction of $383,458.70. Following the transaction, the insider now owns 129,257 shares in the company, valued at approximately $7,854,947.89. The disclosure for this sale can be found here. Insiders sold a total of 26,159 shares of company stock worth $1,606,498 in the last quarter. Insiders own 0.51% of the company’s stock.
General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, September 23rd. The company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.13. The business had revenue of $4.36 billion for the quarter, compared to the consensus estimate of $4.21 billion. General Mills had a net margin of 12.78% and a return on equity of 28.46%. General Mills’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 EPS. On average, equities research analysts predict that General Mills, Inc. will post 3.6 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.45%. The ex-dividend date is Thursday, October 8th. This is an increase from General Mills’s previous quarterly dividend of $0.49. General Mills’s dividend payout ratio (DPR) is 56.51%.
Several research analysts have issued reports on the stock. Piper Sandler lifted their price target on shares of General Mills from $71.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, September 24th. Guggenheim raised their price objective on shares of General Mills from $66.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. They noted that the move was a valuation call. Morgan Stanley raised their price objective on shares of General Mills from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 24th. CSFB raised shares of General Mills to an “outperform” rating and set a $67.00 price objective for the company in a research note on Friday, September 25th. Finally, Credit Suisse Group raised shares of General Mills from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $65.00 to $67.00 in a research note on Friday, September 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. General Mills has a consensus rating of “Hold” and a consensus price target of $63.56.
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, snack bars, fruit snacks, nutrition bars, and savory snacks, as well as organic products, including refrigerated yogurt, frozen and shelf-stable vegetables, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
Further Reading: Why are analyst ratings important in trading stocks?
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.