Bank of America Cuts General Mills (NYSE:GIS) Price Target to $70.00

by · The Cerbat Gem

General Mills (NYSE:GIS – Free Report) had its target price cut by Bank of America from $78.00 to $70.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of General Mills from $83.00 to $82.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Stifel Nicolaus dropped their price objective on shares of General Mills from $72.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 target price on shares of General Mills in a research report on Thursday, December 19th. TD Cowen dropped their price target on General Mills from $75.00 to $64.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. Finally, Citigroup decreased their price objective on General Mills from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $69.88.

Read Our Latest Research Report on General Mills

General Mills Stock Performance

Shares of NYSE GIS opened at $61.02 on Wednesday. The company has a market cap of $33.63 billion, a P/E ratio of 13.26, a P/E/G ratio of 3.76 and a beta of 0.10. General Mills has a 52-week low of $55.15 and a 52-week high of $75.90. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.67 and a current ratio of 0.92. The firm’s fifty day moving average is $60.89 and its two-hundred day moving average is $66.56.

General Mills (NYSE:GIS – Get Free Report) last issued its earnings results on Wednesday, December 18th. The company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.18. General Mills had a return on equity of 27.55% and a net margin of 13.08%. The firm had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, analysts anticipate that General Mills will post 4.38 EPS for the current fiscal year.

General Mills Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Thursday, April 10th. General Mills’s dividend payout ratio is currently 52.17%.

Insider Transactions at General Mills

In related news, insider Paul Joseph Gallagher sold 1,041 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $64.50, for a total value of $67,144.50. Following the completion of the sale, the insider now owns 42,117 shares in the company, valued at approximately $2,716,546.50. The trade was a 2.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of General Mills by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 68,630,598 shares of the company’s stock valued at $4,376,573,000 after buying an additional 1,868,508 shares during the period. State Street Corp grew its holdings in General Mills by 9.4% during the 3rd quarter. State Street Corp now owns 33,502,737 shares of the company’s stock worth $2,474,177,000 after acquiring an additional 2,867,678 shares in the last quarter. Geode Capital Management LLC increased its position in General Mills by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 14,488,451 shares of the company’s stock valued at $923,907,000 after purchasing an additional 136,895 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of General Mills by 34.5% in the 4th quarter. Ameriprise Financial Inc. now owns 9,123,387 shares of the company’s stock valued at $581,903,000 after purchasing an additional 2,341,137 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of General Mills by 18.4% in the 4th quarter. Northern Trust Corp now owns 8,061,793 shares of the company’s stock worth $514,101,000 after purchasing an additional 1,253,483 shares during the period. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

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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