Cornercap Investment Counsel Inc. Reduces Position in General Mills, Inc. (NYSE:GIS)

Cornercap Investment Counsel Inc. lessened its holdings in shares of General Mills, Inc. (NYSE:GIS) by 48.7% in the third quarter, Holdings Channel.com reports. The firm owned 21,228 shares of the company’s stock after selling 20,144 shares during the period. Cornercap Investment Counsel Inc.’s holdings in General Mills were worth $1,568,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Kingsview Wealth Management LLC raised its holdings 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 acquiring an additional 467 shares during the period. HBK Sorce Advisory LLC raised its stake in shares of General Mills by 3.7% during the 1st quarter. HBK Sorce Advisory LLC now owns 8,509 shares of the company’s stock valued at $595,000 after purchasing an additional 307 shares during the period. Te Ahumairangi Investment Management Ltd lifted its holdings in General Mills by 34.0% during the 1st quarter. Te Ahumairangi Investment Management Ltd now owns 74,993 shares of the company’s stock worth $5,247,000 after purchasing an additional 19,037 shares in the last quarter. Intech Investment Management LLC lifted its holdings in General Mills by 67.9% during the 1st quarter. Intech Investment Management LLC now owns 400,811 shares of the company’s stock worth $28,045,000 after purchasing an additional 162,058 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in General Mills by 16.3% in the 1st quarter. Vanguard Group Inc. now owns 60,298,880 shares of the company’s stock worth $4,219,113,000 after purchasing an additional 8,444,312 shares during the period. Hedge funds and other institutional investors own 75.71% of the company’s stock.

Insider Buying and Selling at General Mills

In other General Mills news, insider Jonathon Nudi sold 9,647 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 128,664 shares of the company’s stock, valued at approximately $9,571,314.96. The trade was a 6.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pankaj Mn Sharma sold 2,325 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.63, for a total transaction of $173,514.75. Following the completion of the sale, the insider now directly owns 36,184 shares of the company’s stock, valued at approximately $2,700,411.92. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,555 shares of company stock worth $4,657,676. 0.26% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Piper Sandler upped their price target on General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, September 19th. Wells Fargo & Company increased their target price on shares of General Mills from $67.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, September 13th. Barclays raised their price target on shares of General Mills from $67.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday, September 20th. The Goldman Sachs Group assumed coverage on shares of General Mills in a report on Monday, August 12th. They issued a “buy” rating and a $76.00 price target on the stock. Finally, Citigroup lifted their price objective on General Mills from $68.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $73.00.

General Mills Stock Down 0.8 %

Shares of NYSE:GIS opened at $64.71 on Friday. The stock has a market capitalization of $35.92 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 3.35 and a beta of 0.11. The stock’s 50-day moving average price is $71.10 and its 200-day moving average price is $68.93. The company has a current ratio of 0.66, a quick ratio of 0.39 and a debt-to-equity ratio of 1.20. General Mills, Inc. has a 12-month low of $61.47 and a 12-month high of $75.90.

General Mills (NYSE:GIS) last announced its quarterly earnings data on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.01. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the company posted $1.09 earnings per share. The business’s revenue was down 1.2% on a year-over-year basis. On average, equities analysts anticipate that General Mills, Inc. will post 4.51 earnings per share for the current year.

General Mills Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend was Thursday, October 10th. General Mills’s dividend payout ratio (DPR) is presently 57.14%.

General Mills 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.