Argent Trust Co lowered its stake in General Mills (NYSE:GIS) by 9.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,259 shares of the company’s stock after selling 1,528 shares during the quarter. Argent Trust Co’s holdings in General Mills were worth $845,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of GIS. American International Group Inc. boosted its stake in shares of General Mills by 1,708.4% during the 3rd quarter. American International Group Inc. now owns 9,027,740 shares of the company’s stock worth $467,276,000 after acquiring an additional 8,528,534 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of General Mills by 28,570.2% during the 3rd quarter. Stifel Financial Corp now owns 1,671,471 shares of the company’s stock worth $86,610,000 after acquiring an additional 1,665,641 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of General Mills by 15.9% during the 3rd quarter. American Century Companies Inc. now owns 11,295,701 shares of the company’s stock worth $584,665,000 after acquiring an additional 1,550,074 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of General Mills by 13.5% during the 4th quarter. Bank of New York Mellon Corp now owns 8,499,301 shares of the company’s stock worth $503,923,000 after acquiring an additional 1,009,126 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of General Mills during the 4th quarter worth $50,956,000. Institutional investors own 74.23% of the company’s stock.
In other General Mills news, insider Bethany C. Quam sold 8,712 shares of General Mills stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $59.40, for a total value of $517,492.80. Following the completion of the transaction, the insider now directly owns 36,089 shares of the company’s stock, valued at approximately $2,143,686.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.40% of the company’s stock.
Several analysts have recently commented on GIS shares. Jefferies Group upgraded shares of General Mills from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research report on Wednesday, February 14th. Zacks Investment Research upgraded shares of General Mills from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Thursday, March 15th. Wells Fargo upgraded shares of General Mills from a “market perform” rating to an “outperform” rating and set a $63.00 price objective on the stock in a research report on Monday, December 18th. Argus restated a “hold” rating on shares of General Mills in a research report on Wednesday, December 27th. Finally, Credit Suisse Group restated a “hold” rating and set a $55.00 price objective on shares of General Mills in a research report on Tuesday, March 20th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company’s stock. General Mills currently has an average rating of “Hold” and an average target price of $53.71.
NYSE GIS traded up $0.04 on Friday, reaching $45.47. The company had a trading volume of 6,368,554 shares, compared to its average volume of 8,217,179. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.45 and a current ratio of 0.69. The company has a market cap of $25,851.66, a P/E ratio of 14.76, a P/E/G ratio of 2.04 and a beta of 0.76. General Mills has a 12 month low of $43.84 and a 12 month high of $60.69.
General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, March 21st. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. General Mills had a net margin of 13.96% and a return on equity of 37.64%. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the previous year, the firm posted $0.72 EPS. General Mills’s revenue for the quarter was up 2.3% compared to the same quarter last year. analysts forecast that General Mills will post 3.09 EPS for the current fiscal year.
General Mills declared that its Board of Directors has approved a share repurchase program on Friday, February 23rd that allows the company to repurchase shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 10th will be paid a $0.49 dividend. The ex-dividend date is Monday, April 9th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.31%. General Mills’s payout ratio is currently 63.64%.
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About General Mills
General Mills, Inc manufactures and markets branded consumer foods in the United States. The company operates in four segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. 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, shelf stable and frozen vegetables, and ice cream and frozen desserts, as well as grain, fruit and savory snacks; and various organic products, including nutrition bars, meal kits, salty snacks, and ready-to-eat cereal.
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