Corebridge Financial Inc. Cuts Stock Holdings in General Mills, Inc. (NYSE:GIS)

Corebridge Financial Inc. lowered its stake in General Mills, Inc. (NYSE:GIS) by 3.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 179,830 shares of the company’s stock after selling 6,740 shares during the period. Corebridge Financial Inc.’s holdings in General Mills were worth $11,468,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of GIS. Gladstone Institutional Advisory LLC increased its stake in General Mills by 6.0% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 4,765 shares of the company’s stock worth $304,000 after purchasing an additional 268 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of General Mills by 105.2% in the third quarter. JPMorgan Chase & Co. now owns 5,708,223 shares of the company’s stock worth $421,552,000 after purchasing an additional 2,926,232 shares during the last quarter. J2 Capital Management Inc purchased a new position in shares of General Mills in the fourth quarter worth $547,000. Daiwa Securities Group Inc. raised its holdings in General Mills by 7.1% during the 4th quarter. Daiwa Securities Group Inc. now owns 72,949 shares of the company’s stock valued at $4,652,000 after buying an additional 4,839 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in General Mills by 15.7% during the 4th quarter. Sequoia Financial Advisors LLC now owns 43,114 shares of the company’s stock valued at $2,749,000 after buying an additional 5,853 shares during the period. Institutional investors own 75.71% of the company’s stock.

Analyst Ratings Changes

GIS has been the subject of several recent analyst reports. Piper Sandler lowered their price objective on shares of General Mills from $84.00 to $71.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft lowered their price target on General Mills from $83.00 to $82.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Stifel Nicolaus cut their price objective on General Mills from $72.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. TD Cowen decreased their target price on General Mills from $75.00 to $64.00 and set a “hold” rating for the company in a report on Thursday, December 19th. Finally, Jefferies Financial Group lifted their price target on shares of General Mills from $58.00 to $62.00 and gave the company a “hold” rating in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $65.69.

Insider Buying and Selling at General Mills

In other news, CEO Jeffrey L. Harmening sold 11,379 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $65.00, for a total transaction of $739,635.00. Following the sale, the chief executive officer now owns 353,346 shares in the company, valued at $22,967,490. This represents a 3.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.26% of the stock is owned by company insiders.

General Mills Price Performance

GIS stock opened at $57.75 on Wednesday. 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 has a 50 day moving average price of $59.95 and a 200-day moving average price of $64.93. General Mills, Inc. has a 52-week low of $55.15 and a 52-week high of $75.90. The firm has a market capitalization of $31.83 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 1.94 and a beta of 0.06.

General Mills (NYSE:GIS) last announced its quarterly earnings data on Wednesday, March 19th. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.04. General Mills had a return on equity of 27.55% and a net margin of 13.08%. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. Equities research analysts forecast that General Mills, Inc. will post 4.36 EPS for the current fiscal year.

General Mills Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Thursday, April 10th. General Mills’s dividend payout ratio (DPR) is 52.75%.

General Mills 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.