General Mills (NYSE:GIS) had its price target hoisted by Piper Sandler from $71.00 to $73.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the stock. Piper Sandler also issued estimates for General Mills’ Q2 2021 earnings at $0.94 EPS, Q3 2021 earnings at $0.81 EPS, Q4 2021 earnings at $0.78 EPS, FY2021 earnings at $3.53 EPS, Q1 2022 earnings at $1.06 EPS, Q2 2022 earnings at $1.02 EPS, Q3 2022 earnings at $0.85 EPS and FY2022 earnings at $3.80 EPS.
Several other brokerages also recently weighed in on GIS. Morgan Stanley upped their price objective on General Mills from $62.00 to $63.00 and gave the stock an equal weight rating in a research report on Thursday. BMO Capital Markets upped their price objective on General Mills from $63.00 to $66.00 and gave the stock a market perform rating in a research report on Thursday, July 2nd. Citigroup upped their price objective on General Mills from $64.00 to $70.00 and gave the stock a neutral rating in a research report on Thursday. Sanford C. Bernstein downgraded General Mills from a market perform rating to an underperform rating and dropped their price objective for the stock from $57.00 to $50.00 in a research report on Thursday, June 11th. Finally, Stifel Nicolaus dropped their price objective on General Mills from $62.00 to $60.00 and set a hold rating for the company in a research report on Thursday, July 2nd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $63.56.
GIS opened at $59.67 on Thursday. The firm has a market cap of $36.45 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 2.22 and a beta of 0.59. General Mills has a 52-week low of $46.59 and a 52-week high of $66.14. 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 business’s fifty day moving average is $61.91 and its 200-day moving average is $60.28.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be paid a $0.51 dividend. This is a boost from General Mills’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.04 annualized dividend and a dividend yield of 3.42%. General Mills’s dividend payout ratio is presently 54.29%.
In related news, General Counsel Richard C. Allendorf sold 13,897 shares of the firm’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $64.72, for a total transaction of $899,413.84. Following the completion of the sale, the general counsel now owns 98,562 shares of the company’s stock, valued at $6,378,932.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jodi J. Benson sold 2,667 shares of the firm’s stock in a transaction that occurred on Wednesday, July 15th. The stock was sold at an average price of $65.05, for a total value of $173,488.35. Following the sale, the insider now directly owns 42,723 shares of the company’s stock, valued at approximately $2,779,131.15. The disclosure for this sale can be found here. In the last three months, insiders sold 60,711 shares of company stock valued at $3,920,384. Insiders own 0.51% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Philadelphia Trust Co. raised its stake in shares of General Mills by 98.1% in the first quarter. Philadelphia Trust Co. now owns 388,783 shares of the company’s stock valued at $20,516,000 after buying an additional 192,527 shares during the period. Commonwealth Equity Services LLC grew its position in shares of General Mills by 2.1% in the second quarter. Commonwealth Equity Services LLC now owns 556,204 shares of the company’s stock valued at $34,290,000 after purchasing an additional 11,284 shares in the last quarter. Johnson Investment Counsel Inc. grew its position in shares of General Mills by 2.5% in the second quarter. Johnson Investment Counsel Inc. now owns 13,973 shares of the company’s stock valued at $861,000 after purchasing an additional 345 shares in the last quarter. Cigna Investments Inc. New grew its position in shares of General Mills by 14.6% in the second quarter. Cigna Investments Inc. New now owns 19,553 shares of the company’s stock valued at $1,205,000 after purchasing an additional 2,488 shares in the last quarter. Finally, Courier Capital LLC grew its position in General Mills by 15.0% during the second quarter. Courier Capital LLC now owns 6,150 shares of the company’s stock worth $378,000 after buying an additional 802 shares in the last quarter. 72.40% of the stock is owned by institutional investors and hedge funds.
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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