DAVENPORT & Co LLC Trims Stock Holdings in General Mills, Inc. $GIS

DAVENPORT & Co LLC trimmed its holdings in General Mills, Inc. (NYSE:GIS) by 10.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,264 shares of the company’s stock after selling 3,587 shares during the quarter. DAVENPORT & Co LLC’s holdings in General Mills were worth $1,670,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GIS. Charles Schwab Investment Management Inc. increased its holdings in General Mills by 434.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 19,041,194 shares of the company’s stock worth $1,138,473,000 after purchasing an additional 15,480,835 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in General Mills during the 1st quarter worth $279,570,000. Pacer Advisors Inc. increased its holdings in General Mills by 4,775.2% during the 1st quarter. Pacer Advisors Inc. now owns 3,443,981 shares of the company’s stock worth $205,916,000 after purchasing an additional 3,373,338 shares during the period. Nuveen LLC purchased a new position in General Mills during the 1st quarter worth $92,717,000. Finally, Federated Hermes Inc. increased its holdings in General Mills by 178.1% during the 1st quarter. Federated Hermes Inc. now owns 1,520,449 shares of the company’s stock worth $90,908,000 after purchasing an additional 973,798 shares during the period. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

General Mills Trading Down 1.1%

Shares of NYSE:GIS opened at $49.20 on Friday. General Mills, Inc. has a 12-month low of $48.29 and a 12-month high of $72.55. The business’s fifty day simple moving average is $49.77 and its 200-day simple moving average is $52.81. The company has a market capitalization of $26.24 billion, a PE ratio of 9.30, a P/E/G ratio of 1.26 and a beta of -0.03. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28.

General Mills (NYSE:GIS) last posted its quarterly earnings data on Wednesday, September 17th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.04. The firm had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.52 billion. General Mills had a return on equity of 23.46% and a net margin of 15.24%.The business’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 EPS. As a group, equities research analysts predict that General Mills, Inc. will post 4.36 earnings per share for the current fiscal year.

General Mills Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a $0.61 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 5.0%. General Mills’s dividend payout ratio (DPR) is presently 46.12%.

Wall Street Analyst Weigh In

GIS has been the topic of several research reports. Royal Bank Of Canada upgraded General Mills from a “sector perform” rating to an “outperform” rating and reduced their price objective for the stock from $67.00 to $63.00 in a report on Thursday, June 26th. Mizuho reduced their price objective on General Mills from $57.00 to $52.00 and set a “neutral” rating on the stock in a report on Friday, September 19th. Deutsche Bank Aktiengesellschaft reduced their price objective on General Mills from $52.00 to $50.00 and set a “hold” rating on the stock in a report on Thursday, September 18th. JPMorgan Chase & Co. restated an “underweight” rating and set a $45.00 price objective (down from $53.00) on shares of General Mills in a report on Wednesday, August 20th. Finally, Barclays cut their price target on General Mills from $54.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, September 19th. Four analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $55.82.

Insider Buying and Selling at General Mills

In other news, insider Jacqueline Williams-Roll sold 4,000 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $50.04, for a total value of $200,160.00. Following the completion of the sale, the insider owned 66,593 shares of the company’s stock, valued at $3,332,313.72. This trade represents a 5.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is 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.