Elevation Point Wealth Partners LLC Trims Stake in General Mills, Inc. (NYSE:GIS)

Elevation Point Wealth Partners LLC reduced its holdings in shares of General Mills, Inc. (NYSE:GIS) by 9.8% in the first quarter, Holdings Channel reports. The institutional investor owned 5,402 shares of the company’s stock after selling 587 shares during the period. Elevation Point Wealth Partners LLC’s holdings in General Mills were worth $323,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GIS. CBIZ Investment Advisory Services LLC purchased a new stake in shares of General Mills in the fourth quarter worth $30,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of General Mills in the fourth quarter worth $31,000. Perkins Coie Trust Co increased its stake in shares of General Mills by 69.2% in the first quarter. Perkins Coie Trust Co now owns 516 shares of the company’s stock worth $31,000 after purchasing an additional 211 shares in the last quarter. VSM Wealth Advisory LLC purchased a new stake in shares of General Mills in the fourth quarter worth $32,000. Finally, Transce3nd LLC purchased a new stake in shares of General Mills in the fourth quarter worth $32,000. 75.71% of the stock is owned by hedge funds and other institutional investors.

General Mills Price Performance

GIS stock opened at $53.51 on Tuesday. General Mills, Inc. has a 52 week low of $52.39 and a 52 week high of $75.90. The company has a quick ratio of 0.67, a current ratio of 0.92 and a debt-to-equity ratio of 1.32. The company has a fifty day simple moving average of $55.33 and a two-hundred day simple moving average of $59.11. The firm has a market capitalization of $29.50 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 1.94 and a beta of 0.02.

General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, March 19th. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. General Mills had a net margin of 13.08% and a return on equity of 27.55%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the business earned $1.17 earnings per share. General Mills’s quarterly revenue was down 5.1% compared to the same quarter last year. Analysts anticipate that General Mills, Inc. will post 4.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GIS has been the subject of a number of analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price objective on shares of General Mills in a research note on Monday, March 17th. Morgan Stanley initiated coverage on shares of General Mills in a research note on Monday, March 24th. They issued an “underweight” rating and a $53.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of General Mills from $61.00 to $55.00 and set an “equal weight” rating for the company in a research note on Monday. Piper Sandler reduced their price objective on shares of General Mills from $84.00 to $71.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Finally, Bank of America cut their target price on shares of General Mills from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $63.06.

About General Mills

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 savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.