Confluence Wealth Services Inc. Cuts Stake in General Mills, Inc. (NYSE:GIS)

Confluence Wealth Services Inc. cut its holdings in General Mills, Inc. (NYSE:GIS) by 3.9% in the first quarter, Holdings Channel reports. The fund owned 8,847 shares of the company’s stock after selling 358 shares during the quarter. Confluence Wealth Services Inc.’s holdings in General Mills were worth $619,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. L.M. Kohn & Company increased its holdings in shares of General Mills by 2.6% in the 3rd quarter. L.M. Kohn & Company now owns 6,034 shares of the company’s stock valued at $386,000 after acquiring an additional 155 shares during the period. Traverso Chambers Private Wealth Management LLC grew its stake in General Mills by 1.0% in the fourth quarter. Traverso Chambers Private Wealth Management LLC now owns 16,156 shares of the company’s stock valued at $1,052,000 after purchasing an additional 156 shares during the last quarter. Park Place Capital Corp raised its holdings in General Mills by 40.6% in the first quarter. Park Place Capital Corp now owns 540 shares of the company’s stock worth $38,000 after purchasing an additional 156 shares in the last quarter. TrueWealth Advisors LLC lifted its position in shares of General Mills by 4.3% during the third quarter. TrueWealth Advisors LLC now owns 3,837 shares of the company’s stock valued at $246,000 after buying an additional 158 shares during the last quarter. Finally, Csenge Advisory Group boosted its holdings in shares of General Mills by 1.0% in the 3rd quarter. Csenge Advisory Group now owns 16,079 shares of the company’s stock valued at $1,029,000 after buying an additional 164 shares in the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GIS has been the subject of several recent analyst reports. Barclays boosted their price objective on shares of General Mills from $70.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Friday, March 22nd. Citigroup assumed coverage on General Mills in a research report on Thursday, February 1st. They set a “neutral” rating and a $67.00 price target on the stock. Mizuho raised their price objective on General Mills from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $77.00 price target on shares of General Mills in a research note on Monday, April 22nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $72.00 price target on shares of General Mills in a report on Thursday, March 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, General Mills has a consensus rating of “Hold” and a consensus target price of $72.18.

General Mills Stock Performance

NYSE GIS traded up $0.23 on Tuesday, hitting $70.46. 3,066,438 shares of the company’s stock traded hands, compared to its average volume of 4,243,899. The firm’s 50-day moving average price is $67.87 and its two-hundred day moving average price is $65.73. The firm has a market capitalization of $40.01 billion, a PE ratio of 16.16, a P/E/G ratio of 2.44 and a beta of 0.15. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.14. General Mills, Inc. has a 1-year low of $60.33 and a 1-year high of $90.89.

General Mills (NYSE:GIS) last issued its earnings results on Wednesday, March 20th. The company reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.12. General Mills had a net margin of 12.66% and a return on equity of 26.84%. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.97 billion. During the same quarter last year, the company posted $0.97 earnings per share. The firm’s revenue was down .5% compared to the same quarter last year. As a group, analysts expect that General Mills, Inc. will post 4.51 EPS for the current year.

Insider Activity

In related news, insider Jonathon Nudi sold 10,000 shares of General Mills stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $69.21, for a total value of $692,100.00. Following the sale, the insider now directly owns 93,381 shares in the company, valued at approximately $6,462,899.01. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.24% of the company’s stock.

General Mills Company 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.