Legal & General Group Plc trimmed its stake in General Mills, Inc. (NYSE:GIS - Free Report) by 22.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,949,289 shares of the company's stock after selling 1,147,705 shares during the quarter. Legal & General Group Plc owned 0.72% of General Mills worth $251,846,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of GIS. Invesco Ltd. raised its holdings in General Mills by 18.3% in the fourth quarter. Invesco Ltd. now owns 5,989,111 shares of the company's stock worth $381,926,000 after buying an additional 924,982 shares during the last quarter. Sumitomo Mitsui Financial Group Inc. lifted its position in General Mills by 2.2% in the 4th quarter. Sumitomo Mitsui Financial Group Inc. now owns 24,587 shares of the company's stock valued at $1,568,000 after acquiring an additional 539 shares in the last quarter. Cerity Partners LLC boosted its stake in General Mills by 1.0% during the 4th quarter. Cerity Partners LLC now owns 264,038 shares of the company's stock valued at $17,063,000 after purchasing an additional 2,577 shares during the last quarter. FMR LLC increased its holdings in shares of General Mills by 9.0% in the 4th quarter. FMR LLC now owns 1,858,595 shares of the company's stock worth $118,523,000 after purchasing an additional 153,825 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of General Mills by 42.3% in the fourth quarter. Federated Hermes Inc. now owns 546,651 shares of the company's stock worth $34,860,000 after purchasing an additional 162,495 shares during the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In related news, CEO Jeffrey L. Harmening sold 11,379 shares of the firm's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $65.00, for a total value of $739,635.00. Following the completion of the transaction, the chief executive officer now directly owns 353,346 shares of the company's stock, valued at approximately $22,967,490. This trade represents a 3.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% of the company's stock.
Analyst Upgrades and Downgrades
GIS has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their target price on shares of General Mills from $60.00 to $54.00 and set a "neutral" rating on the stock in a research note on Thursday, March 20th. Citigroup lowered their price objective on shares of General Mills from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Friday, March 14th. Stifel Nicolaus cut their target price on shares of General Mills from $72.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Barclays lowered their price target on General Mills from $68.00 to $65.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 18th. Finally, Wells Fargo & Company cut their price objective on General Mills from $64.00 to $61.00 and set an "equal weight" rating for the company in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and four 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 $65.69.
Read Our Latest Research Report on GIS
General Mills Price Performance
Shares of NYSE GIS traded up $0.80 during midday trading on Monday, reaching $58.77. The stock had a trading volume of 1,017,412 shares, compared to its average volume of 4,392,941. The company has a market capitalization of $32.40 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 1.94 and a beta of 0.15. General Mills, Inc. has a 12-month low of $55.15 and a 12-month high of $75.90. The stock has a 50-day moving average of $59.61 and a 200-day moving average of $63.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.67 and a current ratio of 0.92.
General Mills (NYSE:GIS - Get Free Report) last issued its earnings results on Wednesday, March 19th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. General Mills had a return on equity of 27.55% and a net margin of 13.08%. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the company earned $1.17 EPS. The firm's quarterly revenue was down 5.1% on a year-over-year basis. As a group, research analysts anticipate that General Mills, Inc. will post 4.36 EPS for the current fiscal year.
General Mills Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Thursday, April 10th. General Mills's dividend payout ratio (DPR) is presently 52.75%.
General Mills Profile
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Free Report)
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.
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