Victory Capital Management Inc. Lowers Position in General Mills, Inc. (NYSE:GIS)

Victory Capital Management Inc. trimmed its holdings in shares of General Mills, Inc. (NYSE:GIS) by 9.9% during the 3rd quarter, Holdings Channel reports. The fund owned 494,290 shares of the company’s stock after selling 54,032 shares during the period. Victory Capital Management Inc.’s holdings in General Mills were worth $36,503,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Values First Advisors Inc. bought a new position in shares of General Mills during the third quarter valued at approximately $27,000. First Foundation Advisors boosted its position in General Mills by 400.0% during the 2nd quarter. First Foundation Advisors now owns 500 shares of the company’s stock valued at $32,000 after acquiring an additional 400 shares in the last quarter. Beacon Capital Management LLC increased its holdings in shares of General Mills by 47.5% in the 1st quarter. Beacon Capital Management LLC now owns 559 shares of the company’s stock valued at $39,000 after acquiring an additional 180 shares during the period. Catalyst Capital Advisors LLC bought a new position in shares of General Mills in the 3rd quarter worth $44,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of General Mills during the 2nd quarter worth $38,000. Hedge funds and other institutional investors own 75.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GIS. Citigroup boosted their target price on shares of General Mills from $68.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Bank of America boosted their price objective on shares of General Mills from $68.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. 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 research note on Friday, September 20th. TD Cowen upped their price target on General Mills from $72.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Piper Sandler raised their price objective on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $72.67.

General Mills Price Performance

Shares of NYSE GIS opened at $63.21 on Friday. General Mills, Inc. has a 52 week low of $61.47 and a 52 week high of $75.90. The business’s 50 day moving average price is $70.67 and its 200 day moving average price is $68.85. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 1.20. The firm has a market cap of $35.09 billion, a P/E ratio of 15.05, a P/E/G ratio of 3.35 and a beta of 0.11.

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, topping analysts’ consensus estimates of $1.06 by $0.01. General Mills had a net margin of 12.14% and a return on equity of 26.85%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts expect that General Mills, Inc. will post 4.51 earnings per share for the current year.

General Mills Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a $0.60 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $2.40 annualized dividend and a dividend yield of 3.80%. General Mills’s dividend payout ratio (DPR) is presently 57.14%.

Insider Transactions at General Mills

In other news, CEO Jeffrey L. Harmening sold 46,500 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 355,328 shares of the company’s stock, valued at $24,379,054.08. This represents a 11.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Pankaj Mn Sharma sold 2,325 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $74.63, for a total value of $173,514.75. Following the sale, the insider now owns 36,184 shares in the company, valued at $2,700,411.92. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,555 shares of company stock worth $4,657,676 over the last quarter. 0.26% of the stock is currently owned by insiders.

About General Mills

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.