FormulaFolio Investments LLC acquired a new position in General Mills, Inc. (NYSE:GIS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 8,884 shares of the company’s stock, valued at approximately $522,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Koshinski Asset Management Inc. bought a new stake in shares of General Mills during the fourth quarter valued at approximately $293,000. JustInvest LLC raised its stake in shares of General Mills by 5.9% during the fourth quarter. JustInvest LLC now owns 7,546 shares of the company’s stock valued at $444,000 after acquiring an additional 420 shares in the last quarter. Kentucky Retirement Systems bought a new stake in shares of General Mills during the fourth quarter valued at approximately $2,227,000. Wolff Wiese Magana LLC bought a new stake in shares of General Mills during the fourth quarter valued at approximately $41,000. Finally, M. Kulyk & Associates LLC bought a new stake in shares of General Mills during the fourth quarter valued at approximately $2,663,000. 73.17% of the stock is owned by institutional investors and hedge funds.
In other General Mills news, insider Bethany C. Quam sold 10,732 shares of the company’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $61.72, for a total value of $662,379.04. Following the sale, the insider now directly owns 55,248 shares of the company’s stock, valued at $3,409,906.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark A. Pallot sold 1,574 shares of the company’s stock in a transaction on Monday, March 29th. The shares were sold at an average price of $62.49, for a total transaction of $98,359.26. Following the completion of the sale, the chief accounting officer now directly owns 13,760 shares in the company, valued at $859,862.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,532 shares of company stock worth $3,821,346. 0.51% of the stock is owned by insiders.
General Mills (NYSE:GIS) last released its earnings results on Tuesday, March 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.02). General Mills had a net margin of 13.16% and a return on equity of 28.60%. The firm had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same period in the previous year, the company earned $0.77 earnings per share. General Mills’s revenue was up 8.1% on a year-over-year basis. Research analysts expect that General Mills, Inc. will post 3.73 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 3rd. Investors of record on Friday, April 9th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Thursday, April 8th. General Mills’s payout ratio is 56.51%.
Several brokerages recently issued reports on GIS. Morgan Stanley cut their price objective on shares of General Mills from $63.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, January 14th. Credit Suisse Group cut their price objective on shares of General Mills from $66.00 to $64.00 and set an “outperform” rating on the stock in a report on Monday, March 29th. Jefferies Financial Group cut their price objective on shares of General Mills from $64.00 to $59.00 and set a “hold” rating on the stock in a report on Tuesday, January 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of General Mills from $62.00 to $55.00 in a report on Tuesday, January 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $63.27.
General Mills Profile
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, snack bars, fruit snacks, nutrition bars, and savory snacks, as well as organic products, including refrigerated yogurt, frozen and shelf-stable vegetables, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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