State Board of Administration of Florida Retirement System Cuts Stock Holdings in General Mills, Inc. (NYSE:GIS)

Financial News Live · Aug 4, 2022 19:11

State Board of Administration of Florida Retirement System decreased its position in shares of General Mills, Inc. (NYSE:GIS – Get Rating) by 4.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 694,930 shares of the company's stock after selling 28,592 shares during the quarter. State Board of Administration of Florida Retirement System's holdings in General Mills were worth $47,061,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in GIS. Klingman & Associates LLC purchased a new stake in General Mills in the first quarter worth approximately $342,000. AIA Group Ltd boosted its holdings in General Mills by 86.2% in the first quarter. AIA Group Ltd now owns 1,091 shares of the company's stock worth $74,000 after purchasing an additional 505 shares during the last quarter. Independent Advisor Alliance boosted its holdings in General Mills by 15.0% in the first quarter. Independent Advisor Alliance now owns 21,420 shares of the company's stock worth $1,451,000 after purchasing an additional 2,799 shares during the last quarter. Accuvest Global Advisors boosted its holdings in General Mills by 7.8% in the first quarter. Accuvest Global Advisors now owns 9,443 shares of the company's stock worth $639,000 after purchasing an additional 687 shares during the last quarter. Finally, Americana Partners LLC boosted its holdings in General Mills by 27.5% in the first quarter. Americana Partners LLC now owns 11,281 shares of the company's stock worth $429,000 after purchasing an additional 2,436 shares during the last quarter. Hedge funds and other institutional investors own 74.63% of the company's stock.

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Insider Activity at General Mills

In related news, insider Dana M. Mcnabb sold 10,993 shares of the firm's stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $76.16, for a total transaction of $837,226.88. Following the completion of the transaction, the insider now directly owns 14,884 shares of the company's stock, valued at $1,133,565.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other General Mills news, insider Dana M. Mcnabb sold 10,993 shares of General Mills stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $76.16, for a total value of $837,226.88. Following the completion of the transaction, the insider now directly owns 14,884 shares of the company's stock, valued at approximately $1,133,565.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark A. Pallot sold 2,255 shares of General Mills stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $74.66, for a total transaction of $168,358.30. Following the completion of the transaction, the chief accounting officer now directly owns 17,087 shares of the company's stock, valued at $1,275,715.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,737 shares of company stock valued at $3,217,260. Corporate insiders own 0.53% of the company's stock.

General Mills Stock Down 0.1 %

Shares of GIS stock opened at $75.60 on Thursday. The company has a market capitalization of $45.15 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 2.52 and a beta of 0.35. General Mills, Inc. has a one year low of $56.67 and a one year high of $76.94. The company's fifty day moving average price is $71.87 and its 200-day moving average price is $69.60. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.63 and a quick ratio of 0.40.

General Mills (NYSE:GIS – Get Rating) last posted its earnings results on Wednesday, June 29th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.11. The company had revenue of $4.89 billion during the quarter, compared to analysts' expectations of $4.81 billion. General Mills had a net margin of 14.25% and a return on equity of 23.74%. General Mills's quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the company posted $0.91 earnings per share. Sell-side analysts expect that General Mills, Inc. will post 4 EPS for the current fiscal year.

General Mills Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, July 7th. Investors of record on Friday, July 8th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Thursday, July 7th. General Mills's payout ratio is 48.87%.

Analyst Upgrades and Downgrades

GIS has been the topic of several research reports. Royal Bank of Canada raised their target price on shares of General Mills from $66.00 to $68.00 and gave the stock a "sector perform" rating in a report on Friday, July 1st. Piper Sandler increased their price target on shares of General Mills from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Thursday, June 30th. Deutsche Bank Aktiengesellschaft increased their price target on shares of General Mills from $75.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, June 30th. BMO Capital Markets increased their price target on shares of General Mills from $66.00 to $80.00 and gave the stock a "market perform" rating in a research report on Thursday, June 30th. Finally, Credit Suisse Group set a $74.00 price target on shares of General Mills in a research report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, General Mills presently has a consensus rating of "Hold" and a consensus target price of $72.73.

About General Mills

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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, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables.