Investment Management Corp of Ontario Sells 16,573 Shares of General Mills, Inc. (NYSE:GIS)

Investment Management Corp of Ontario lessened its stake in shares of General Mills, Inc. (NYSE:GIS) by 47.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 18,529 shares of the company’s stock after selling 16,573 shares during the period. Investment Management Corp of Ontario’s holdings in General Mills were worth $1,368,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of GIS. Legal & General Group Plc grew its position in shares of General Mills by 6.1% during the 2nd quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock worth $356,151,000 after buying an additional 323,090 shares in the last quarter. Dimensional Fund Advisors LP increased its position in General Mills by 2.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,413,585 shares of the company’s stock valued at $342,478,000 after purchasing an additional 148,235 shares during the period. American Century Companies Inc. raised its holdings in shares of General Mills by 100.4% in the 2nd quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock valued at $299,138,000 after purchasing an additional 2,368,563 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of General Mills by 7.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,823,254 shares of the company’s stock worth $282,347,000 after purchasing an additional 263,188 shares during the period. Finally, abrdn plc boosted its stake in shares of General Mills by 3.9% during the third quarter. abrdn plc now owns 2,492,918 shares of the company’s stock valued at $183,778,000 after purchasing an additional 92,931 shares in the last quarter. Hedge funds and other institutional investors own 75.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GIS. Wells Fargo & Company lowered their target price on General Mills from $77.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, November 15th. Piper Sandler raised their price target on shares of General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, September 19th. Stifel Nicolaus boosted their price objective on shares of General Mills from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. TD Cowen raised their target price on shares of General Mills from $72.00 to $75.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Finally, The Goldman Sachs Group assumed coverage on General Mills in a research report on Monday, August 12th. They set a “buy” rating and a $76.00 price target on the stock. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $72.67.

Insider Transactions at General Mills

In related news, Director Maria Sastre sold 1,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $63.66, for a total transaction of $63,660.00. Following the sale, the director now owns 23,013 shares in the company, valued at approximately $1,465,007.58. This trade represents a 4.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey L. Harmening sold 46,500 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the completion of the transaction, the chief executive officer now owns 355,328 shares of the company’s stock, valued at approximately $24,379,054.08. This trade represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,555 shares of company stock valued at $4,721,336 in the last 90 days. 0.26% of the stock is currently owned by company insiders.

General Mills Stock Up 0.3 %

GIS stock opened at $65.55 on Friday. The company has a market capitalization of $36.39 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 3.44 and a beta of 0.10. General Mills, Inc. has a 12 month low of $61.47 and a 12 month high of $75.90. The firm’s fifty day simple moving average is $68.15 and its 200-day simple moving average is $68.36. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.66 and a quick ratio of 0.39.

General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, beating 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 analyst estimates of $4.80 billion. During the same quarter last year, the business posted $1.09 EPS. The company’s revenue was down 1.2% on a year-over-year basis. As a group, equities research analysts forecast that General Mills, Inc. will post 4.51 earnings per share for the current year.

General Mills Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $0.60 dividend. The ex-dividend date is Friday, January 10th. This represents a $2.40 annualized dividend and a yield of 3.66%. General Mills’s dividend payout ratio is presently 57.14%.

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.