BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Holdings in General Mills, Inc. (NYSE:GIS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of General Mills, Inc. (NYSE:GIS) by 13.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 93,127 shares of the company’s stock after selling 14,999 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in General Mills were worth $6,877,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Legal & General Group Plc grew its stake 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 valued at $356,151,000 after acquiring an additional 323,090 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of General Mills by 2.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,413,585 shares of the company’s stock valued at $342,478,000 after purchasing an additional 148,235 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of General Mills by 100.4% in the second quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock valued at $299,138,000 after purchasing an additional 2,368,563 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in General Mills by 7.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,823,254 shares of the company’s stock worth $282,347,000 after buying an additional 263,188 shares in the last quarter. Finally, abrdn plc boosted its stake in General Mills by 3.9% during the third quarter. abrdn plc now owns 2,492,918 shares of the company’s stock worth $183,778,000 after buying an additional 92,931 shares during the last quarter. Hedge funds and other institutional investors own 75.71% of the company’s stock.

General Mills Stock Up 0.0 %

General Mills stock opened at $66.26 on Monday. The firm has a market capitalization of $36.78 billion, a P/E ratio of 15.78, a P/E/G ratio of 3.44 and a beta of 0.11. 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 twelve month low of $61.47 and a twelve month high of $75.90. The stock’s fifty day simple moving average is $68.78 and its 200-day simple moving average is $68.47.

General Mills (NYSE:GIS) last issued its quarterly earnings results on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, topping 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 company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the business earned $1.09 EPS. General Mills’s revenue was down 1.2% on a year-over-year basis. As a group, equities analysts expect that General Mills, Inc. will post 4.51 earnings per share for the current fiscal year.

General Mills Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Friday, January 10th. General Mills’s dividend payout ratio is presently 57.14%.

Wall Street Analysts Forecast Growth

GIS has been the topic of several analyst reports. Piper Sandler lifted their price target on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, September 19th. 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. Stifel Nicolaus raised their price target on shares of General Mills from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. TD Cowen lifted their price target on shares of General Mills from $72.00 to $75.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, Wells Fargo & Company lowered their price objective on General Mills from $77.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, General Mills presently has a consensus rating of “Hold” and an average price target of $72.67.

Insider Activity

In other General Mills news, Director Maria Sastre sold 1,000 shares of General Mills stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $63.66, for a total transaction of $63,660.00. Following the completion of the sale, the director now directly owns 23,013 shares of the company’s stock, valued at $1,465,007.58. The trade was a 4.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey L. Harmening sold 46,500 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $68.61, for a total value of $3,190,365.00. Following the completion of the transaction, the chief executive officer now owns 355,328 shares in the company, valued at approximately $24,379,054.08. The trade was a 11.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,555 shares of company stock worth $4,721,336. 0.26% of the stock is currently owned by corporate insiders.

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.