Bank of America Cuts General Mills (NYSE:GIS) Price Target to $63.00

General Mills (NYSE:GIS) had its price objective lowered by Bank of America from $68.00 to $63.00 in a research report released on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

GIS has been the subject of several other research reports. Morgan Stanley began coverage on General Mills in a research report on Monday, March 24th. They issued an “underweight” rating and a $53.00 target price for the company. Royal Bank Of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of General Mills in a research report on Monday, March 17th. Piper Sandler decreased their target price on General Mills from $84.00 to $71.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. Mizuho reduced their price objective on General Mills from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 20th. Finally, The Goldman Sachs Group lowered General Mills from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $68.00 to $58.00 in a research report on Monday, June 9th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $62.75.

General Mills Trading Up 0.1%

NYSE GIS opened at $53.00 on Wednesday. General Mills has a fifty-two week low of $52.39 and a fifty-two week high of $75.90. The stock has a market cap of $29.21 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 1.25 and a beta of 0.02. The stock has a 50 day simple moving average of $54.93 and a two-hundred day simple moving average of $58.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.44 and a current ratio of 0.67.

General Mills (NYSE:GIS) last announced its earnings results on Wednesday, March 19th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. General Mills had a return on equity of 26.39% and a net margin of 13.02%. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the prior year, the company earned $1.17 EPS. The business’s revenue was down 5.1% compared to the same quarter last year. On average, analysts forecast that General Mills will post 4.36 earnings per share for the current year.

Hedge Funds Weigh In On General Mills

Institutional investors and hedge funds have recently modified their holdings of the company. O Shaughnessy Asset Management LLC boosted its stake in shares of General Mills by 11.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 834,417 shares of the company’s stock worth $53,211,000 after buying an additional 85,612 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of General Mills by 10.6% in the 4th quarter. Franklin Resources Inc. now owns 484,550 shares of the company’s stock worth $30,900,000 after buying an additional 46,536 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of General Mills by 34.5% in the 4th quarter. Ameriprise Financial Inc. now owns 9,123,387 shares of the company’s stock worth $581,903,000 after buying an additional 2,341,137 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of General Mills by 7.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 72,949 shares of the company’s stock worth $4,652,000 after buying an additional 4,839 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of General Mills by 15.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 43,114 shares of the company’s stock worth $2,749,000 after buying an additional 5,853 shares during the last quarter. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

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.