State of Michigan Retirement System Trims Holdings in General Mills, Inc. (NYSE:GIS)

State of Michigan Retirement System lowered its holdings in General Mills, Inc. (NYSE:GIS) by 83.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 154,821 shares of the company’s stock after selling 755,117 shares during the quarter. State of Michigan Retirement System’s holdings in General Mills were worth $9,545,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Perigon Wealth Management LLC raised its holdings in shares of General Mills by 3.3% during the second quarter. Perigon Wealth Management LLC now owns 14,672 shares of the company’s stock valued at $905,000 after acquiring an additional 475 shares in the last quarter. Main Street Research LLC boosted its holdings in General Mills by 6.3% in the second quarter. Main Street Research LLC now owns 258,067 shares of the company’s stock valued at $15,910,000 after acquiring an additional 15,348 shares in the last quarter. Pacer Advisors Inc. increased its position in General Mills by 155.5% during the 2nd quarter. Pacer Advisors Inc. now owns 65,599 shares of the company’s stock valued at $4,044,000 after purchasing an additional 39,923 shares during the period. GWM Advisors LLC raised its holdings in General Mills by 26.7% in the 2nd quarter. GWM Advisors LLC now owns 47,371 shares of the company’s stock worth $2,920,000 after purchasing an additional 9,984 shares in the last quarter. Finally, Cornerstone Advisors Inc. lifted its position in shares of General Mills by 17.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 2,506 shares of the company’s stock worth $154,000 after purchasing an additional 366 shares during the period. Institutional investors and hedge funds own 70.52% of the company’s stock.

A number of research firms recently issued reports on GIS. Sanford C. Bernstein downgraded shares of General Mills from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $57.00 to $50.00 in a research note on Thursday, June 11th. JPMorgan Chase & Co. increased their target price on General Mills from $56.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, April 17th. Deutsche Bank lifted their price target on General Mills from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Morgan Stanley increased their price objective on General Mills from $61.00 to $62.00 and gave the stock an “equal weight” rating in a report on Thursday, July 2nd. Finally, Guggenheim boosted their target price on shares of General Mills from $66.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $62.18.

NYSE:GIS opened at $63.27 on Friday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.49 and a current ratio of 0.68. The firm has a market cap of $38.59 billion, a P/E ratio of 17.77, a P/E/G ratio of 2.39 and a beta of 0.60. General Mills, Inc. has a fifty-two week low of $46.59 and a fifty-two week high of $65.48. The firm has a 50-day simple moving average of $62.42 and a two-hundred day simple moving average of $57.78.

General Mills (NYSE:GIS) last posted its quarterly earnings results on Wednesday, July 1st. The company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.04. General Mills had a net margin of 12.37% and a return on equity of 27.66%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.98 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities research analysts predict that General Mills, Inc. will post 3.52 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Thursday, July 9th. General Mills’s dividend payout ratio is currently 54.29%.

In other news, General Counsel Richard C. Allendorf sold 13,897 shares of General Mills stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $64.72, for a total value of $899,413.84. Following the completion of the sale, the general counsel now directly owns 98,562 shares in the company, valued at $6,378,932.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shawn P. Ogrady sold 44,147 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $64.50, for a total transaction of $2,847,481.50. Following the transaction, the insider now directly owns 185,213 shares of the company’s stock, valued at $11,946,238.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,711 shares of company stock worth $3,920,384. Corporate insiders own 0.52% of the company’s stock.

About General Mills

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, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.

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Institutional Ownership by Quarter for General Mills (NYSE:GIS)

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