Allspring Global Investments Holdings LLC Sells 48,086 Shares of General Mills, Inc. (NYSE:GIS)

Allspring Global Investments Holdings LLC reduced its position in shares of General Mills, Inc. (NYSE:GIS - Free Report) by 11.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 362,701 shares of the company's stock after selling 48,086 shares during the period. Allspring Global Investments Holdings LLC owned about 0.06% of General Mills worth $25,378,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of General Mills by 17.4% in the third quarter. JPMorgan Chase & Co. now owns 2,220,646 shares of the company's stock valued at $142,099,000 after acquiring an additional 328,585 shares in the last quarter. Sei Investments Co. raised its stake in shares of General Mills by 9.2% in the third quarter. Sei Investments Co. now owns 253,379 shares of the company's stock valued at $16,215,000 after acquiring an additional 21,299 shares in the last quarter. Royal London Asset Management Ltd. raised its stake in shares of General Mills by 6.9% in the third quarter. Royal London Asset Management Ltd. now owns 244,523 shares of the company's stock valued at $15,648,000 after acquiring an additional 15,707 shares in the last quarter. Baker Avenue Asset Management LP raised its stake in shares of General Mills by 533.6% in the third quarter. Baker Avenue Asset Management LP now owns 830 shares of the company's stock valued at $53,000 after acquiring an additional 699 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of General Mills by 2.2% in the third quarter. The Manufacturers Life Insurance Company now owns 417,791 shares of the company's stock valued at $26,734,000 after acquiring an additional 9,167 shares in the last quarter. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at General Mills

In other General Mills news, insider Werner Lanette Shaffer sold 710 shares of the business's stock in a transaction on Monday, May 13th. The stock was sold at an average price of $70.57, for a total value of $50,104.70. Following the completion of the transaction, the insider now directly owns 17,397 shares in the company, valued at approximately $1,227,706.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.24% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GIS. Stifel Nicolaus cut their price target on General Mills from $77.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, June 27th. Morgan Stanley raised their price target on General Mills from $58.00 to $61.00 and gave the company an "underweight" rating in a research note on Thursday, March 21st. Barclays cut their price target on General Mills from $72.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, June 28th. TD Cowen raised their price objective on General Mills from $68.00 to $70.00 and gave the stock a "market perform" rating in a report on Thursday, March 21st. Finally, HSBC raised their price objective on General Mills from $74.00 to $76.00 and gave the stock a "hold" rating in a report on Thursday, March 21st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $70.00.

General Mills Price Performance

Shares of GIS stock traded down $0.20 during midday trading on Friday, reaching $62.88. 2,671,165 shares of the company traded hands, compared to its average volume of 4,555,894. The firm's 50 day simple moving average is $67.70 and its two-hundred day simple moving average is $66.63. General Mills, Inc. has a 1-year low of $60.33 and a 1-year high of $77.63. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.65 and a quick ratio of 0.38. The firm has a market cap of $35.10 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 3.56 and a beta of 0.09.

General Mills (NYSE:GIS - Get Free Report) last issued its quarterly earnings data on Wednesday, June 26th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. General Mills had a return on equity of 26.56% and a net margin of 12.57%. The firm had revenue of $4.71 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm posted $1.12 EPS. The company's quarterly revenue was down 6.3% compared to the same quarter last year. On average, equities research analysts expect that General Mills, Inc. will post 4.5 EPS for the current fiscal year.

General Mills Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This is an increase from General Mills's previous quarterly dividend of $0.59. This represents a $2.40 annualized dividend and a yield of 3.82%. General Mills's payout ratio is 54.76%.

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 salty snacks, ice cream and frozen desserts, nutrition bars, and savory snacks, as well as various organic products, including frozen and shelf-stable vegetables.