Renaissance Technologies LLC Takes Position in General Mills, Inc. (NYSE:GIS)

Renaissance Technologies LLC bought a new position in shares of General Mills, Inc. (NYSE:GIS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 432,942 shares of the company's stock, valued at approximately $27,609,000. Renaissance Technologies LLC owned approximately 0.08% of General Mills as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Endeavor Private Wealth Inc. acquired a new position in General Mills in the fourth quarter valued at approximately $26,000. CBIZ Investment Advisory Services LLC acquired a new position in General Mills during the 4th quarter worth $30,000. Kohmann Bosshard Financial Services LLC purchased a new position in General Mills in the fourth quarter worth approximately $31,000. VSM Wealth Advisory LLC acquired a new position in shares of General Mills during the 4th quarter worth about $32,000. Finally, Bank of Jackson Hole Trust purchased a new position in General Mills in the fourth quarter valued at approximately $34,000. 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 that occurred 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 transaction, the chief executive officer now owns 353,346 shares in the company, 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 filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.26% of the company's stock.

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Analyst Ratings Changes

Several equities analysts have issued reports on GIS shares. Wells Fargo & Company decreased their price objective on shares of General Mills from $64.00 to $61.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 19th. Morgan Stanley assumed coverage on General Mills in a research report on Monday, March 24th. They issued an "underweight" rating and a $53.00 target price for the company. Piper Sandler cut their price target on General Mills from $84.00 to $71.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Jefferies Financial Group increased their price target on shares of General Mills from $58.00 to $62.00 and gave the stock a "hold" rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus dropped their price target on General Mills from $72.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $65.69.

General Mills Price Performance

General Mills stock traded down $1.33 during mid-day trading on Wednesday, hitting $56.52. 4,197,011 shares of the company were exchanged, compared to its average volume of 4,402,811. The business's 50 day simple moving average is $59.57 and its two-hundred day simple moving average is $63.22. General Mills, Inc. has a 12-month low of $55.15 and a 12-month high of $75.90. The company has a market capitalization of $31.16 billion, a P/E ratio of 12.29, a PEG ratio of 1.94 and a beta of 0.15. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.92 and a quick ratio of 0.67.

General Mills (NYSE:GIS - Get Free Report) last announced its quarterly earnings data 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 net margin of 13.08% and a return on equity of 27.55%. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the firm posted $1.17 earnings per share. The company's quarterly revenue was down 5.1% compared to the same quarter last year. Analysts forecast that General Mills, Inc. will post 4.36 earnings per share for the current fiscal year.

General Mills Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.40 dividend on an annualized basis and a yield of 4.25%. General Mills's payout ratio is 52.75%.

General Mills Company Profile

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.