Barclays Cuts General Mills (NYSE:GIS) Price Target to $68.00

General Mills (NYSE:GIS) had its target price dropped by equities researchers at Barclays from $74.00 to $68.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential upside of 6.90% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. Piper Sandler increased their price target on General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, September 19th. Stifel Nicolaus cut their target price on General Mills from $82.00 to $78.00 and set a “buy” rating for the company in a research note on Thursday. Citigroup lowered their price target on shares of General Mills from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday. TD Cowen cut their price objective on shares of General Mills from $75.00 to $64.00 and set a “hold” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of General Mills from $63.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, General Mills presently has a consensus rating of “Hold” and an average target price of $71.56.

General Mills Stock Performance

Shares of NYSE:GIS opened at $63.61 on Friday. The business’s 50 day moving average price is $66.47 and its 200-day moving average price is $68.11. General Mills has a 1 year low of $61.47 and a 1 year high of $75.90. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.66 and a quick ratio of 0.39. The firm has a market capitalization of $35.31 billion, a PE ratio of 15.15, a P/E/G ratio of 3.41 and a beta of 0.10.

General Mills (NYSE:GIS) last announced its earnings results on Wednesday, December 18th. The company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.18. The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.14 billion. General Mills had a net margin of 12.14% and a return on equity of 26.85%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 EPS. As a group, equities research analysts expect that General Mills will post 4.5 earnings per share for the current fiscal year.

Insider Transactions at General Mills

In other news, CEO Jeffrey L. Harmening sold 46,500 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the sale, the chief executive officer now owns 355,328 shares of the company’s stock, valued at approximately $24,379,054.08. This represents a 11.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jonathon Nudi sold 9,647 shares of General Mills stock in a transaction on Friday, September 27th. The shares were sold at an average price of $74.39, for a total value of $717,640.33. Following the completion of the transaction, the insider now owns 128,664 shares of the company’s stock, valued at approximately $9,571,314.96. This trade represents a 6.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,230 shares of company stock valued at $4,547,822. 0.26% of the stock is currently owned by corporate insiders.

Institutional Trading of General Mills

A number of large investors have recently made changes to their positions in the company. State Street Corp grew its holdings in General Mills by 9.4% during the 3rd quarter. State Street Corp now owns 33,502,737 shares of the company’s stock worth $2,474,177,000 after acquiring an additional 2,867,678 shares in the last quarter. American Century Companies Inc. grew its stake in shares of General Mills by 100.4% during the second quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock worth $299,138,000 after purchasing an additional 2,368,563 shares in the last quarter. Wulff Hansen & CO. grew its stake in shares of General Mills by 6,140.4% during the second quarter. Wulff Hansen & CO. now owns 945,421 shares of the company’s stock worth $59,807,000 after purchasing an additional 930,271 shares in the last quarter. International Assets Investment Management LLC raised its stake in General Mills by 6,114.0% in the third quarter. International Assets Investment Management LLC now owns 450,451 shares of the company’s stock valued at $33,266,000 after buying an additional 443,202 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in General Mills by 6.1% during the 2nd quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock worth $356,151,000 after buying an additional 323,090 shares during the last quarter. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

About General Mills

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.