Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in shares of General Mills, Inc. (NYSE:GIS) by 8.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,261 shares of the company’s stock after acquiring an additional 868 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in General Mills were worth $621,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. Krane Funds Advisors LLC bought a new position in shares of General Mills in the 2nd quarter valued at $25,000. Ellevest Inc. bought a new position in shares of General Mills in the 2nd quarter valued at $28,000. Capital International Ltd. CA bought a new position in shares of General Mills in the 2nd quarter valued at $30,000. Employers Holdings Inc. bought a new position in shares of General Mills in the 2nd quarter valued at $32,000. Finally, NuWave Investment Management LLC increased its stake in shares of General Mills by 377.4% in the 2nd quarter. NuWave Investment Management LLC now owns 635 shares of the company’s stock valued at $33,000 after purchasing an additional 502 shares during the last quarter. Hedge funds and other institutional investors own 68.64% of the company’s stock.
GIS has been the topic of several recent analyst reports. Morgan Stanley lifted their price target on General Mills from $52.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Zacks Investment Research upgraded General Mills from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 22nd. Credit Suisse Group reiterated a “hold” rating and issued a $56.00 price target on shares of General Mills in a research note on Thursday, September 12th. Royal Bank of Canada initiated coverage on General Mills in a report on Thursday, October 17th. They set a “sector perform” rating and a $57.00 price objective on the stock. Finally, Barclays reissued a “hold” rating and set a $55.00 price objective on shares of General Mills in a report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $53.82.
Shares of NYSE GIS traded down $0.43 during mid-day trading on Thursday, hitting $50.75. 40,606 shares of the stock traded hands, compared to its average volume of 3,202,013. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.62 and a quick ratio of 0.37. General Mills, Inc. has a twelve month low of $36.42 and a twelve month high of $56.40. The company has a market cap of $30.93 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 2.17 and a beta of 0.73. The firm has a 50 day simple moving average of $54.05 and a two-hundred day simple moving average of $52.96.
General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, September 18th. The company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.08 billion. General Mills had a return on equity of 27.38% and a net margin of 11.21%. General Mills’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.71 EPS. On average, equities research analysts anticipate that General Mills, Inc. will post 3.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Wednesday, October 9th. General Mills’s payout ratio is presently 60.87%.
About General Mills
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, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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