CNB Bank Cuts Position in General Mills, Inc. (NYSE:GIS)

CNB Bank lessened its holdings in General Mills, Inc. (NYSE:GIS) by 14.3% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,388 shares of the company’s stock after selling 897 shares during the period. CNB Bank’s holdings in General Mills were worth $297,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GIS. BlackRock Inc. boosted its stake in shares of General Mills by 15.8% in the 2nd quarter. BlackRock Inc. now owns 47,890,359 shares of the company’s stock worth $2,515,202,000 after buying an additional 6,544,997 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of General Mills by 24,698.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,637,916 shares of the company’s stock worth $191,063,000 after buying an additional 3,623,246 shares during the last quarter. Iridian Asset Management LLC CT purchased a new position in shares of General Mills in the 2nd quarter worth approximately $106,946,000. Renaissance Technologies LLC boosted its stake in shares of General Mills by 44.6% in the 2nd quarter. Renaissance Technologies LLC now owns 5,313,884 shares of the company’s stock worth $279,085,000 after buying an additional 1,639,900 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of General Mills by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 47,174,991 shares of the company’s stock worth $2,477,631,000 after buying an additional 643,774 shares during the last quarter. Hedge funds and other institutional investors own 68.77% of the company’s stock.

General Mills stock opened at $52.50 on Friday. General Mills, Inc. has a 12 month low of $36.42 and a 12 month high of $56.40. The company has a current ratio of 0.62, a quick ratio of 0.37 and a debt-to-equity ratio of 1.51. The business’s 50 day simple moving average is $52.93 and its 200 day simple moving average is $52.93. The company has a market cap of $31.18 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 2.19 and a beta of 0.71.

General Mills (NYSE:GIS) last posted its quarterly earnings data on Wednesday, September 18th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.77 by $0.02. General Mills had a return on equity of 27.38% and a net margin of 11.21%. The business had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the prior year, the business earned $0.71 earnings per share. General Mills’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities research analysts forecast that General Mills, Inc. will post 3.36 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $0.49 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $1.96 annualized dividend and a yield of 3.73%. General Mills’s payout ratio is 60.87%.

In other General Mills news, insider Kofi A. Bruce sold 15,582 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $54.33, for a total transaction of $846,570.06. Following the sale, the insider now owns 35,487 shares of the company’s stock, valued at approximately $1,928,008.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jonathon Nudi sold 18,951 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $54.52, for a total transaction of $1,033,208.52. Following the sale, the insider now directly owns 81,656 shares in the company, valued at approximately $4,451,885.12. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate insiders.

A number of equities analysts have recently weighed in on GIS shares. ValuEngine downgraded General Mills from a “sell” rating to a “strong sell” rating in a research note on Friday, November 1st. Stifel Nicolaus boosted their target price on General Mills from $52.00 to $54.00 and gave the stock a “hold” rating in a research note on Thursday, September 19th. Credit Suisse Group restated a “hold” rating and issued a $56.00 target price on shares of General Mills in a research note on Thursday, September 12th. Barclays restated a “hold” rating and issued a $55.00 target price on shares of General Mills in a research note on Friday, September 20th. Finally, Zacks Investment Research upgraded General Mills from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $53.82.

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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