Mengis Capital Management Inc. lowered its stake in shares of General Mills, Inc. (NYSE:GIS – Get Rating) by 4.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,412 shares of the company's stock after selling 754 shares during the period. Mengis Capital Management Inc.'s holdings in General Mills were worth $1,313,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Marquette Asset Management LLC purchased a new stake in shares of General Mills in the first quarter valued at about $26,000. Dravo Bay LLC acquired a new position in General Mills during the first quarter worth approximately $27,000. Core Alternative Capital grew its stake in General Mills by 1,160.6% during the first quarter. Core Alternative Capital now owns 416 shares of the company's stock worth $28,000 after buying an additional 383 shares during the period. HWG Holdings LP purchased a new stake in General Mills during the fourth quarter worth approximately $30,000. Finally, Riverview Trust Co grew its stake in General Mills by 204.7% during the first quarter. Riverview Trust Co now owns 457 shares of the company's stock worth $31,000 after buying an additional 307 shares during the period. Hedge funds and other institutional investors own 75.48% of the company's stock.
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General Mills Stock Performance
Shares of General Mills stock traded up $0.63 during midday trading on Tuesday, hitting $79.29. The company had a trading volume of 73,263 shares, compared to its average volume of 4,317,782. General Mills, Inc. has a 1-year low of $58.85 and a 1-year high of $81.24. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.60 and a quick ratio of 0.35. The business's 50 day simple moving average is $76.28 and its two-hundred day simple moving average is $72.11. The stock has a market cap of $47.06 billion, a PE ratio of 16.56, a P/E/G ratio of 2.59 and a beta of 0.33.
General Mills (NYSE:GIS – Get Rating) last posted its quarterly earnings results on Wednesday, September 21st. The company reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $4.72 billion for the quarter, compared to analysts' expectations of $4.72 billion. General Mills had a return on equity of 23.87% and a net
margin of 15.13%. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.99 EPS. As a group, equities analysts predict that General Mills, Inc. will post 4.08 EPS for the current fiscal year.
General Mills Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.72%. General Mills's dividend payout ratio is presently 45.47%.
Insider Transactions at General Mills
In other news, CAO Mark A. Pallot sold 2,255 shares of the firm's stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $74.66, for a total transaction of $168,358.30. Following the completion of the transaction, the chief accounting officer now directly owns 17,087 shares in the company, valued at $1,275,715.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark A. Pallot sold 2,255 shares of the firm's stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $74.66, for a total transaction of $168,358.30. Following the completion of the transaction, the chief accounting officer now directly owns 17,087 shares in the company, valued at $1,275,715.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shawn P. Ogrady sold 15,088 shares of the firm's stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $80.57, for a total value of $1,215,640.16. Following the transaction, the insider now owns 76,044 shares of the company's stock, valued at $6,126,865.08. The disclosure for this sale can be found here. Insiders sold 111,405 shares of company stock worth $8,644,797 over the last ninety days. 0.67% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. UBS Group increased their price objective on shares of General Mills from $79.00 to $82.00 in a research note on Thursday, September 22nd. Credit Suisse Group increased their price objective on shares of General Mills from $74.00 to $77.00 and gave the company a "neutral" rating in a research note on Thursday, September 22nd. Piper Sandler increased their target price on shares of General Mills from $80.00 to $88.00 and gave the stock an "overweight" rating in a report on Thursday, September 22nd. Bank of America increased their target price on shares of General Mills from $74.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday, September 22nd. Finally, Royal Bank of Canada increased their target price on shares of General Mills from $66.00 to $68.00 and gave the stock a "sector perform" rating in a report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, General Mills has a consensus rating of "Hold" and a consensus price target of $76.83.
About General Mills
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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, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables.
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