General Mills (NYSE:GIS) Stock Price Down 3% After Analyst Downgrade

by · The Cerbat Gem

Shares of General Mills, Inc. (NYSE:GIS – Get Free Report) fell 3% during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $68.00 to $65.00. Barclays currently has an equal weight rating on the stock. General Mills traded as low as $58.19 and last traded at $58.62. 1,508,332 shares changed hands during trading, a decline of 70% from the average session volume of 4,995,444 shares. The stock had previously closed at $60.44.

Several other research analysts have also weighed in on GIS. Piper Sandler dropped their price objective on shares of General Mills from $84.00 to $71.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Mizuho dropped their price target on shares of General Mills from $72.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Wells Fargo & Company dropped their price target on shares of General Mills from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price objective on shares of General Mills from $62.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Bank of America decreased their price objective on shares of General Mills from $78.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $67.53.

View Our Latest Stock Analysis on GIS

Insider Buying and Selling

In related news, insider Paul Joseph Gallagher sold 1,041 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $64.50, for a total transaction of $67,144.50. Following the completion of the sale, the insider now owns 42,117 shares in the company, valued at $2,716,546.50. This trade represents a 2.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey L. Harmening sold 11,379 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $65.00, for a total transaction of $739,635.00. Following the completion of the sale, the chief executive officer now owns 353,346 shares of the company’s stock, valued at $22,967,490. The trade was a 3.12 % decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its stake in shares of General Mills by 31.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 217,729 shares of the company’s stock valued at $13,885,000 after purchasing an additional 52,262 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its stake in shares of General Mills by 2.4% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 212,715 shares of the company’s stock valued at $13,565,000 after purchasing an additional 5,070 shares during the last quarter. Aegis Wealth Management LLC bought a new position in shares of General Mills in the 4th quarter valued at about $271,000. Probity Advisors Inc. boosted its stake in shares of General Mills by 8.9% in the 4th quarter. Probity Advisors Inc. now owns 14,004 shares of the company’s stock valued at $893,000 after purchasing an additional 1,144 shares during the last quarter. Finally, Siemens Fonds Invest GmbH boosted its stake in shares of General Mills by 8.3% in the 4th quarter. Siemens Fonds Invest GmbH now owns 27,756 shares of the company’s stock valued at $1,759,000 after purchasing an additional 2,123 shares during the last quarter. Institutional investors own 75.71% of the company’s stock.

General Mills Stock Down 2.8 %

The firm’s 50 day moving average is $60.08 and its two-hundred day moving average is $65.47. The firm has a market cap of $32.37 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 1.94 and a beta of 0.06. The company has a current ratio of 0.92, a quick ratio of 0.67 and a debt-to-equity ratio of 1.32.

General Mills (NYSE:GIS – Get Free Report) last released its quarterly earnings data on Wednesday, March 19th. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. General Mills had a net margin of 13.08% and a return on equity of 27.55%. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the firm earned $1.17 EPS. General Mills’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, research analysts anticipate that General Mills, Inc. will post 4.36 EPS for the current fiscal year.

General Mills Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.09%. General Mills’s dividend payout ratio (DPR) is presently 52.17%.

General Mills Company Profile

(Get Free Report)

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.

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