Perkins Capital Management Inc. Cuts Stake in General Mills, Inc. (NYSE:GIS)

Perkins Capital Management Inc. cut its holdings in shares of General Mills, Inc. (NYSE:GIS) by 5.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,325 shares of the company’s stock after selling 1,000 shares during the quarter. Perkins Capital Management Inc.’s holdings in General Mills were worth $1,105,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GIS. Nordea Investment Management AB boosted its holdings in General Mills by 64.5% during the 4th quarter. Nordea Investment Management AB now owns 7,803,046 shares of the company’s stock valued at $497,054,000 after acquiring an additional 3,058,414 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of General Mills by 105.2% during the third quarter. JPMorgan Chase & Co. now owns 5,708,223 shares of the company’s stock valued at $421,552,000 after purchasing an additional 2,926,232 shares during the period. State Street Corp boosted its stake in shares of General Mills by 9.4% during the third quarter. State Street Corp now owns 33,502,737 shares of the company’s stock valued at $2,474,177,000 after purchasing an additional 2,867,678 shares during the period. Nepsis Inc. grew its holdings in shares of General Mills by 3,504.8% in the fourth quarter. Nepsis Inc. now owns 2,164,395 shares of the company’s stock worth $138,023,000 after purchasing an additional 2,104,353 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of General Mills by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 68,630,598 shares of the company’s stock worth $4,376,573,000 after buying an additional 1,868,508 shares during the period. 75.71% of the stock is currently owned by institutional investors.

Insider Activity

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

Analysts Set New Price Targets

GIS has been the topic of a number of recent analyst reports. Mizuho cut their price target on shares of General Mills from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup cut their target price on General Mills from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. Barclays lowered their price target on General Mills from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 18th. Piper Sandler dropped their price objective on General Mills from $84.00 to $71.00 and set an “overweight” rating for the company in a report on Tuesday, February 25th. Finally, Jefferies Financial Group boosted their target price on General Mills from $58.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, March 10th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $66.53.

General Mills Stock Up 0.8 %

Shares of General Mills stock opened at $58.78 on Monday. General Mills, Inc. has a 1 year low of $55.15 and a 1 year high of $75.90. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.92 and a quick ratio of 0.67. The company has a 50-day moving average of $60.00 and a 200 day moving average of $65.17. The firm has a market cap of $32.40 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.94 and a beta of 0.06.

General Mills (NYSE:GIS) last released its earnings results on Wednesday, March 19th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.99 billion. General Mills had a net margin of 13.08% and a return on equity of 27.55%. The business’s revenue was down 5.1% on a year-over-year basis. During the same period last year, the business earned $1.17 earnings per share. As a group, sell-side analysts anticipate that General Mills, Inc. will post 4.36 earnings per share for the current fiscal year.

General Mills Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.08%. General Mills’s dividend payout ratio is currently 52.75%.

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.