Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of General Mills, Inc. (NYSE:GIS) by 72.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 269,020 shares of the company’s stock after buying an additional 113,094 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in General Mills were worth $11,546,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of GIS. Macquarie Group Ltd. grew its stake in shares of General Mills by 1,063.9% during the second quarter. Macquarie Group Ltd. now owns 4,367,847 shares of the company’s stock worth $193,313,000 after buying an additional 3,992,581 shares during the last quarter. Hamlin Capital Management LLC bought a new stake in shares of General Mills during the third quarter worth $48,392,000. FMR LLC grew its stake in shares of General Mills by 81.3% during the second quarter. FMR LLC now owns 1,563,133 shares of the company’s stock worth $69,185,000 after buying an additional 701,104 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of General Mills by 609.0% during the second quarter. Glenmede Trust Co. NA now owns 801,925 shares of the company’s stock worth $35,494,000 after buying an additional 688,816 shares during the last quarter. Finally, OppenheimerFunds Inc. grew its stake in shares of General Mills by 2,275.4% during the second quarter. OppenheimerFunds Inc. now owns 682,447 shares of the company’s stock worth $30,206,000 after buying an additional 653,717 shares during the last quarter. 69.06% of the stock is currently owned by hedge funds and other institutional investors.
GIS has been the topic of a number of research reports. ValuEngine raised shares of General Mills from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 11th. Zacks Investment Research upgraded shares of General Mills from a “sell” rating to a “hold” rating in a report on Thursday, September 6th. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.00 price target on shares of General Mills in a report on Monday, September 17th. Morgan Stanley started coverage on shares of General Mills in a report on Monday, September 17th. They set an “equal weight” rating and a $48.00 price target on the stock. Finally, Credit Suisse Group set a $46.00 price target on shares of General Mills and gave the stock a “hold” rating in a report on Wednesday, September 19th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $50.29.
General Mills (NYSE:GIS) last released its earnings results on Tuesday, September 18th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.07. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.12 billion. General Mills had a net margin of 13.19% and a return on equity of 31.84%. General Mills’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.71 earnings per share. Equities analysts anticipate that General Mills, Inc. will post 3.07 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be issued a $0.49 dividend. The ex-dividend date is Wednesday, January 9th. This represents a $1.96 annualized dividend and a yield of 4.52%. General Mills’s payout ratio is 63.02%.
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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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