Wells Fargo & Company Cuts General Mills (NYSE:GIS) Price Target to $70.00

General Mills (NYSE:GIS - Get Free Report) had its price objective decreased by analysts at Wells Fargo & Company from $77.00 to $70.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 10.74% from the company's previous close.

Several other brokerages also recently commented on GIS. Piper Sandler increased their price objective on General Mills from $74.00 to $84.00 and gave the stock an "overweight" rating in a research note on Thursday, September 19th. TD Cowen increased their price objective on General Mills from $72.00 to $75.00 and gave the company a "hold" rating in a report on Friday, September 20th. Stifel Nicolaus increased their price objective on General Mills from $70.00 to $82.00 and gave the company a "buy" rating in a report on Thursday, September 19th. JPMorgan Chase & Co. increased their price objective on General Mills from $63.00 to $67.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Finally, Bank of America raised their price target on General Mills from $68.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $72.67.

General Mills Trading Down 2.3 %

Shares of NYSE:GIS traded down $1.50 during midday trading on Friday, reaching $63.21. The company's stock had a trading volume of 6,784,886 shares, compared to its average volume of 3,905,717. The firm has a market capitalization of $35.09 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 3.35 and a beta of 0.11. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.39 and a current ratio of 0.66. The firm has a 50 day moving average price of $70.91 and a two-hundred day moving average price of $68.90. General Mills has a fifty-two week low of $61.47 and a fifty-two week high of $75.90.

General Mills (NYSE:GIS - Get Free Report) last posted its quarterly earnings results on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $1.06 by $0.01. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the business earned $1.09 EPS. The firm's revenue for the quarter was down 1.2% on a year-over-year basis. As a group, analysts forecast that General Mills will post 4.51 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Jonathon Nudi sold 9,647 shares of General Mills stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $74.39, for a total transaction of $717,640.33. Following the completion of the transaction, the insider now directly owns 128,664 shares in the company, valued at approximately $9,571,314.96. This trade represents a 6.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey L. Harmening sold 46,500 shares of General Mills stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the transaction, the chief executive officer now owns 355,328 shares of the company's stock, valued at $24,379,054.08. The trade was a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,555 shares of company stock valued at $4,657,676 over the last ninety days. 0.26% of the stock is owned by insiders.

Hedge Funds Weigh In On General Mills

Hedge funds have recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC raised its stake in General Mills by 4.1% during the 1st quarter. Kingsview Wealth Management LLC now owns 11,845 shares of the company's stock valued at $829,000 after buying an additional 467 shares during the last quarter. Vanguard Group Inc. grew its position in shares of General Mills by 16.3% during the 1st quarter. Vanguard Group Inc. now owns 60,298,880 shares of the company's stock valued at $4,219,113,000 after acquiring an additional 8,444,312 shares during the period. TIAA Trust National Association grew its position in shares of General Mills by 0.5% during the 1st quarter. TIAA Trust National Association now owns 46,420 shares of the company's stock valued at $3,248,000 after acquiring an additional 212 shares during the period. Acadian Asset Management LLC grew its position in shares of General Mills by 8.6% during the 1st quarter. Acadian Asset Management LLC now owns 1,448,915 shares of the company's stock valued at $101,362,000 after acquiring an additional 114,958 shares during the period. Finally, Connors Investor Services Inc. grew its position in shares of General Mills by 8.5% during the 1st quarter. Connors Investor Services Inc. now owns 4,805 shares of the company's stock valued at $336,000 after acquiring an additional 375 shares during the period. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

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.