abrdn plc Boosts Stake in General Mills, Inc. (NYSE:GIS)

abrdn plc boosted its holdings in General Mills, Inc. (NYSE:GIS) by 3.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,492,918 shares of the company’s stock after acquiring an additional 92,931 shares during the quarter. abrdn plc owned about 0.45% of General Mills worth $183,778,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GIS. Wealthcare Advisory Partners LLC purchased a new stake in General Mills during the first quarter worth about $386,000. Founders Financial Securities LLC purchased a new stake in shares of General Mills during the 1st quarter worth approximately $367,000. Diversified Trust Co acquired a new stake in shares of General Mills in the 1st quarter worth approximately $1,356,000. Claro Advisors LLC increased its stake in General Mills by 5.7% in the 1st quarter. Claro Advisors LLC now owns 3,813 shares of the company’s stock valued at $267,000 after purchasing an additional 204 shares in the last quarter. Finally, Park Place Capital Corp raised its holdings in General Mills by 40.6% during the first quarter. Park Place Capital Corp now owns 540 shares of the company’s stock worth $38,000 after purchasing an additional 156 shares during the last quarter. Institutional investors and hedge funds own 75.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GIS. Argus restated a “hold” rating on shares of General Mills in a research report on Tuesday, July 16th. Barclays raised their target price on shares of General Mills from $67.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday, September 20th. The Goldman Sachs Group initiated coverage on shares of General Mills in a research report on Monday, August 12th. They issued a “buy” rating and a $76.00 price target on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price objective on shares of General Mills in a research note on Thursday, September 19th. Finally, Mizuho lowered their target price on General Mills from $70.00 to $62.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $73.00.

General Mills Price Performance

General Mills stock opened at $68.28 on Tuesday. General Mills, Inc. has a 1 year low of $61.47 and a 1 year high of $75.90. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.39 and a current ratio of 0.66. The firm has a 50 day moving average price of $72.28 and a 200 day moving average price of $69.18. The company has a market cap of $38.11 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 3.55 and a beta of 0.10.

General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, September 18th. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $1.09 EPS. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side analysts predict that General Mills, Inc. will post 4.51 earnings per share for the current year.

General Mills Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Thursday, October 10th. General Mills’s dividend payout ratio (DPR) is presently 55.68%.

Insider Activity at General Mills

In other General Mills news, CEO Jeffrey L. Harmening sold 46,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the completion of the sale, the chief executive officer now directly owns 355,328 shares in the company, valued at $24,379,054.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark A. Pallot sold 8,083 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $71.28, for a total transaction of $576,156.24. Following the transaction, the chief accounting officer now directly owns 14,813 shares of the company’s stock, valued at approximately $1,055,870.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey L. Harmening sold 46,500 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the completion of the sale, the chief executive officer now directly owns 355,328 shares of the company’s stock, valued at $24,379,054.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,555 shares of company stock worth $4,657,676. Company insiders own 0.24% of the company’s stock.

General Mills Company Profile

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.