General Mills (NYSE:GIS) Price Target Cut to $70.00 by Analysts at Wells Fargo & Company

General Mills (NYSE:GIS) had its price target reduced by Wells Fargo & Company from $77.00 to $70.00 in a research note published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

GIS has been the topic of several other reports. Piper Sandler increased their target price on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, September 19th. Barclays upped their target price on General Mills from $67.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday, September 20th. Bank of America boosted their target price on shares of General Mills from $68.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price target on shares of General Mills in a report on Thursday, September 19th. Finally, TD Cowen lifted their price objective on shares of General Mills from $72.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, General Mills currently has a consensus rating of “Hold” and an average price target 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. 6,785,130 shares of the stock were exchanged, compared to its average volume of 3,905,717. The company has a market capitalization of $35.09 billion, a price-to-earnings ratio of 15.05, a P/E/G ratio of 3.35 and a beta of 0.11. General Mills has a 12 month low of $61.47 and a 12 month 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 business has a 50-day simple moving average of $70.67 and a two-hundred day simple moving average of $68.85.

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

General Mills Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date was Thursday, October 10th. General Mills’s dividend payout ratio is presently 57.14%.

Insider Activity at General Mills

In related news, insider Pankaj Mn Sharma sold 2,325 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.63, for a total transaction of $173,514.75. Following the completion of the transaction, the insider now owns 36,184 shares in the company, valued at approximately $2,700,411.92. The trade was a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 transaction of $717,640.33. Following the completion of the transaction, the insider now owns 128,664 shares in the company, valued at approximately $9,571,314.96. This represents a 6.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,555 shares of company stock valued at $4,657,676. 0.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On General Mills

Hedge funds and other institutional investors have recently made changes to their positions in the business. Values First Advisors Inc. acquired a new stake in shares of General Mills in the third quarter valued at about $27,000. First Foundation Advisors increased its stake in shares of General Mills by 400.0% in the second quarter. First Foundation Advisors now owns 500 shares of the company’s stock valued at $32,000 after purchasing an additional 400 shares during the period. Planning Capital Management Corp grew its stake in shares of General Mills by 61.5% in the third quarter. Planning Capital Management Corp now owns 507 shares of the company’s stock worth $37,000 after purchasing an additional 193 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in shares of General Mills during the second quarter valued at approximately $38,000. Finally, Beacon Capital Management LLC grew its holdings in General Mills by 47.5% during the first quarter. Beacon Capital Management LLC now owns 559 shares of the company’s stock worth $39,000 after acquiring an additional 180 shares during the period. Hedge funds and other institutional investors own 75.71% of the company’s stock.

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.