State of Michigan Retirement System decreased its holdings in shares of General Mills, Inc. (NYSE:GIS) by 83.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 154,821 shares of the company’s stock after selling 755,117 shares during the quarter. State of Michigan Retirement System’s holdings in General Mills were worth $9,545,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Paragon Capital Management LLC acquired a new position in General Mills during the 1st quarter worth approximately $25,000. Prestige Wealth Management Group LLC increased its holdings in shares of General Mills by 86.5% during the first quarter. Prestige Wealth Management Group LLC now owns 483 shares of the company’s stock worth $25,000 after buying an additional 224 shares in the last quarter. Royal Fund Management LLC bought a new position in shares of General Mills in the 1st quarter valued at $26,000. Balentine LLC bought a new position in shares of General Mills in the 1st quarter valued at $27,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of General Mills during the 1st quarter valued at $28,000. Institutional investors own 70.52% of the company’s stock.
Several equities analysts have commented on GIS shares. Stifel Nicolaus dropped their target price on General Mills from $62.00 to $60.00 and set a “hold” rating for the company in a research report on Thursday, July 2nd. Zacks Investment Research upgraded shares of General Mills from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, July 7th. Sanford C. Bernstein cut shares of General Mills from a “market perform” rating to an “underperform” rating and decreased their price target for the company from $57.00 to $50.00 in a research report on Thursday, June 11th. Jefferies Financial Group lifted their price target on shares of General Mills from $56.00 to $61.00 and gave the stock a “positive” rating in a report on Thursday, May 21st. Finally, Wells Fargo & Co increased their price objective on General Mills from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, May 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $62.18.
General Mills (NYSE:GIS) last posted its quarterly earnings data on Wednesday, July 1st. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.04. The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.98 billion. General Mills had a net margin of 12.37% and a return on equity of 27.66%. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter last year, the business posted $0.83 EPS. On average, equities research analysts expect that General Mills, Inc. will post 3.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be given a dividend of $0.49 per share. The ex-dividend date is Thursday, July 9th. This represents a $1.96 annualized dividend and a yield of 3.10%. General Mills’s payout ratio is currently 54.29%.
In other news, insider Shawn P. Ogrady sold 44,147 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $64.50, for a total transaction of $2,847,481.50. Following the completion of the transaction, the insider now directly owns 185,213 shares of the company’s stock, valued at approximately $11,946,238.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jodi J. Benson sold 2,667 shares of the firm’s stock in a transaction that occurred on Wednesday, July 15th. The stock was sold at an average price of $65.05, for a total transaction of $173,488.35. Following the sale, the insider now owns 42,723 shares of the company’s stock, valued at approximately $2,779,131.15. The disclosure for this sale can be found here. Insiders have sold 60,711 shares of company stock valued at $3,920,384 in the last 90 days. 0.52% of the stock is currently owned by corporate insiders.
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.
Featured Article: Mutual Funds
Want to see what other hedge funds are holding GIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Mills, Inc. (NYSE:GIS).
Receive News & Ratings for General Mills Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Mills and related companies with MarketBeat.com's FREE daily email newsletter.