Berkshire Asset Management LLC PA lifted its stake in General Mills, Inc. (NYSE:GIS) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 424,001 shares of the company’s stock after buying an additional 13,100 shares during the period. General Mills makes up 1.5% of Berkshire Asset Management LLC PA’s portfolio, making the stock its 28th biggest position. Berkshire Asset Management LLC PA owned 0.07% of General Mills worth $18,198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its holdings in General Mills by 2.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 23,682,121 shares of the company’s stock valued at $1,048,171,000 after purchasing an additional 598,315 shares during the last quarter. Northern Trust Corp raised its position in shares of General Mills by 1.2% during the 2nd quarter. Northern Trust Corp now owns 8,330,777 shares of the company’s stock worth $368,719,000 after purchasing an additional 96,628 shares during the period. Bank of New York Mellon Corp raised its position in shares of General Mills by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,644,795 shares of the company’s stock worth $338,359,000 after purchasing an additional 46,939 shares during the period. Schroder Investment Management Group raised its position in shares of General Mills by 5.1% during the 2nd quarter. Schroder Investment Management Group now owns 5,166,277 shares of the company’s stock worth $230,829,000 after purchasing an additional 250,508 shares during the period. Finally, Macquarie Group Ltd. raised its position in shares of General Mills by 1,063.9% during the 2nd quarter. Macquarie Group Ltd. now owns 4,367,847 shares of the company’s stock worth $193,313,000 after purchasing an additional 3,992,581 shares during the period. 70.63% of the stock is owned by institutional investors.
GIS has been the topic of a number of research reports. Zacks Investment Research cut General Mills from a “hold” rating to a “sell” rating in a research report on Wednesday, June 20th. Jefferies Financial Group reissued a “buy” rating and issued a $55.00 price objective on shares of General Mills in a report on Wednesday, June 27th. Bank of America reissued a “hold” rating and issued a $49.00 price objective on shares of General Mills in a report on Wednesday, June 27th. Citigroup decreased their price objective on General Mills from $61.00 to $54.00 and set a “buy” rating for the company in a report on Friday, June 29th. Finally, Sanford C. Bernstein reissued a “sell” rating on shares of General Mills in a report on Tuesday, July 10th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $50.29.
NYSE GIS traded up $0.23 on Friday, reaching $43.08. 348,714 shares of the stock traded hands, compared to its average volume of 5,211,060. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.35 and a current ratio of 0.58. The firm has a market cap of $25.59 billion, a P/E ratio of 13.79, a PEG ratio of 1.80 and a beta of 0.77. General Mills, Inc. has a 12 month low of $41.01 and a 12 month high of $60.69.
General Mills (NYSE:GIS) last issued its quarterly earnings results on Tuesday, September 18th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.07. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.12 billion. General Mills had a return on equity of 31.84% and a net margin of 13.19%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the company posted $0.71 EPS. On average, research analysts predict that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date is Tuesday, October 9th. General Mills’s payout ratio is currently 63.02%.
In other news, insider Peter C. Erickson sold 52,854 shares of the firm’s stock in a transaction on Monday, July 16th. The stock was sold at an average price of $44.14, for a total transaction of $2,332,975.56. Following the completion of the sale, the insider now directly owns 129,575 shares of the company’s stock, valued at approximately $5,719,440.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Maria Sastre acquired 1,000 shares of General Mills stock in a transaction dated Monday, August 20th. The shares were bought at an average cost of $47.37 per share, with a total value of $47,370.00. Following the completion of the purchase, the director now owns 1,000 shares in the company, valued at $47,370. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 70,708 shares of company stock valued at $3,147,252. 0.59% of the stock is currently owned by corporate insiders.
About General Mills
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, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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