Drive Wealth Management LLC Buys 407 Shares of General Mills, Inc. (NYSE:GIS)

Drive Wealth Management LLC raised its stake in General Mills, Inc. (NYSE:GIS) by 10.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,231 shares of the company’s stock after buying an additional 407 shares during the period. Drive Wealth Management LLC’s holdings in General Mills were worth $312,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GIS. Mesirow Financial Investment Management Inc. lifted its stake in General Mills by 1.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 13,532 shares of the company’s stock worth $999,000 after purchasing an additional 148 shares during the last quarter. Deseret Mutual Benefit Administrators boosted its stake in General Mills by 4.9% in the second quarter. Deseret Mutual Benefit Administrators now owns 3,261 shares of the company’s stock worth $206,000 after buying an additional 151 shares in the last quarter. Secure Asset Management LLC raised its stake in shares of General Mills by 5.0% during the second quarter. Secure Asset Management LLC now owns 3,305 shares of the company’s stock worth $209,000 after acquiring an additional 157 shares in the last quarter. LCM Capital Management Inc lifted its holdings in shares of General Mills by 1.9% in the 2nd quarter. LCM Capital Management Inc now owns 8,521 shares of the company’s stock worth $539,000 after acquiring an additional 157 shares during the last quarter. Finally, Ballentine Partners LLC lifted its stake in General Mills by 1.1% in the third quarter. Ballentine Partners LLC now owns 14,854 shares of the company’s stock worth $1,097,000 after purchasing an additional 165 shares during the last quarter. 75.71% of the stock is owned by institutional investors.

Insider Activity at General Mills

In other General Mills news, CEO Jeffrey L. Harmening sold 46,500 shares of General Mills stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total value of $3,190,365.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Pankaj Mn Sharma sold 2,325 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.63, for a total value of $173,514.75. Following the completion of the transaction, the insider now directly owns 36,184 shares of the company’s stock, valued at approximately $2,700,411.92. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,555 shares of company stock valued at $4,657,676 over the last 90 days. Corporate insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GIS shares. JPMorgan Chase & Co. raised their price objective on General Mills from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. TD Cowen boosted their price target on General Mills from $72.00 to $75.00 and gave the company a “hold” rating in a report on Friday, September 20th. Piper Sandler increased their price objective on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, September 19th. The Goldman Sachs Group began coverage on General Mills in a research note on Monday, August 12th. They set a “buy” rating and a $76.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price target on shares of General Mills in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $72.67.

General Mills Stock Performance

General Mills stock opened at $62.88 on Tuesday. The stock’s 50 day moving average is $70.42 and its 200 day moving average is $68.78. The company has a market capitalization of $34.91 billion, a P/E ratio of 14.97, a PEG ratio of 3.25 and a beta of 0.11. General Mills, Inc. has a twelve month low of $61.47 and a twelve month high of $75.90. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 1.20.

General Mills (NYSE:GIS) last issued its quarterly earnings results on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.01. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the company earned $1.09 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts predict that General Mills, Inc. will post 4.51 earnings per share for the current fiscal year.

General Mills Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend was Thursday, October 10th. General Mills’s payout ratio is 57.14%.

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.