Piper Jaffray Companies Raises General Mills (NYSE:GIS) Price Target to $56.00

General Mills (NYSE:GIS) had its price target raised by Piper Jaffray Companies from $50.00 to $56.00 in a report released on Wednesday, The Fly reports. Piper Jaffray Companies currently has a neutral rating on the stock.

Several other equities research analysts have also commented on GIS. Deutsche Bank lowered shares of State Street from a buy rating to a hold rating and set a $69.95 price target for the company. in a report on Thursday, March 14th. Bank of America set a $120.00 price target on shares of Walmart and gave the company a buy rating in a report on Friday, May 17th. Credit Suisse Group set a $15.00 price target on shares of C&J Energy Services and gave the company a hold rating in a report on Thursday, March 21st. Citigroup lowered shares of Biogen from a buy rating to a neutral rating and reduced their price target for the company from $470.00 to $230.00 in a report on Thursday, March 21st. Finally, JPMorgan Chase & Co. lowered shares of VESTAS WIND SYS/ADR from a neutral rating to an underweight rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $52.66.

Shares of GIS opened at $53.44 on Wednesday. General Mills has a 1-year low of $36.42 and a 1-year high of $54.74. The firm’s 50-day moving average is $52.53. The company has a market cap of $32.17 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 2.27 and a beta of 0.77. The company has a quick ratio of 0.37, a current ratio of 0.59 and a debt-to-equity ratio of 1.58.

General Mills (NYSE:GIS) last posted its quarterly earnings results on Wednesday, June 26th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. General Mills had a net margin of 10.39% and a return on equity of 27.67%. The business had revenue of $4.16 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the business posted $0.79 EPS. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities analysts predict that General Mills will post 3.37 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Tuesday, July 9th. General Mills’s payout ratio is currently 60.87%.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of General Mills by 1.1% in the 1st quarter. BlackRock Inc. now owns 41,345,362 shares of the company’s stock worth $2,139,622,000 after buying an additional 435,121 shares during the last quarter. Northern Trust Corp grew its position in General Mills by 2.8% during the 1st quarter. Northern Trust Corp now owns 7,590,022 shares of the company’s stock worth $392,784,000 after purchasing an additional 210,135 shares during the last quarter. Geode Capital Management LLC grew its position in General Mills by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 7,230,663 shares of the company’s stock worth $281,036,000 after purchasing an additional 473,831 shares during the last quarter. Macquarie Group Ltd. grew its position in General Mills by 1.9% during the 4th quarter. Macquarie Group Ltd. now owns 5,505,924 shares of the company’s stock worth $214,401,000 after purchasing an additional 100,225 shares during the last quarter. Finally, Norges Bank purchased a new stake in General Mills during the 4th quarter worth approximately $208,406,000. 69.77% of the stock is currently owned by hedge funds and other institutional investors.

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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