Concert Wealth Management Inc. boosted its position in General Mills Inc. (NYSE:GIS) by 7.1% during the second quarter, Holdings Channel reports. The firm owned 23,279 shares of the company’s stock after buying an additional 1,548 shares during the period. Concert Wealth Management Inc.’s holdings in General Mills were worth $1,659,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GIS. American Century Companies Inc. boosted its position in General Mills by 34.5% in the second quarter. American Century Companies Inc. now owns 6,546,046 shares of the company’s stock worth $466,864,000 after buying an additional 1,679,776 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in General Mills by 8.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 19,026,634 shares of the company’s stock worth $1,205,337,000 after buying an additional 1,447,446 shares during the period. Panagora Asset Management Inc. boosted its position in General Mills by 647.8% in the first quarter. Panagora Asset Management Inc. now owns 1,363,848 shares of the company’s stock worth $86,400,000 after buying an additional 1,181,476 shares during the period. BlackRock Group LTD boosted its position in General Mills by 17.8% in the first quarter. BlackRock Group LTD now owns 6,924,092 shares of the company’s stock worth $438,641,000 after buying an additional 1,047,510 shares during the period. Finally, State Street Corp boosted its position in General Mills by 2.1% in the first quarter. State Street Corp now owns 36,502,697 shares of the company’s stock worth $2,312,451,000 after buying an additional 736,454 shares during the period. Institutional investors own 70.09% of the company’s stock.
General Mills Inc. (NYSE:GIS) traded down 0.69% during trading on Tuesday, hitting $62.01. The company had a trading volume of 1,144,261 shares. The company has a market cap of $36.67 billion, a PE ratio of 22.55 and a beta of 0.46. General Mills Inc. has a 12 month low of $53.53 and a 12 month high of $72.95. The company’s 50 day moving average price is $66.56 and its 200-day moving average price is $66.34.
General Mills (NYSE:GIS) last issued its quarterly earnings data on Wednesday, September 21st. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.03. General Mills had a net margin of 10.33% and a return on equity of 33.82%. The firm had revenue of $3.91 billion for the quarter. During the same quarter in the prior year, the firm earned $0.79 EPS. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. Equities analysts expect that General Mills Inc. will post $3.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be issued a $0.48 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $1.92 dividend on an annualized basis and a yield of 3.07%. General Mills’s dividend payout ratio is currently 69.82%.
A number of research analysts have commented on GIS shares. Zacks Investment Research cut General Mills from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. Consumer Edge cut General Mills from a “neutral” rating to an “underperform” rating in a research note on Tuesday, September 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $70.00 price objective (up from $64.00) on shares of General Mills in a research note on Friday, June 17th. Deutsche Bank AG reiterated a “hold” rating and issued a $67.00 price objective on shares of General Mills in a research note on Wednesday, September 14th. Finally, S&P Equity Research reiterated a “buy” rating and issued a $70.00 price objective on shares of General Mills in a research note on Tuesday, September 27th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $68.22.
In other General Mills news, COO Jeffrey L. Harmening sold 33,150 shares of the business’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $71.05, for a total value of $2,355,307.50. Following the transaction, the chief operating officer now owns 133,106 shares in the company, valued at approximately $9,457,181.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jerald A. Young sold 27,890 shares of the business’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $72.03, for a total transaction of $2,008,916.70. Following the completion of the transaction, the vice president now owns 86,271 shares in the company, valued at approximately $6,214,100.13. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.
About General Mills
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is also a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company is organized into three operating segments: U.S.
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