Macquarie Group Ltd. Boosts Stake in General Mills, Inc. (NYSE:GIS)

Posted by Defense World Staff on Mar 7th, 2023

Macquarie Group Ltd. raised its position in General Mills, Inc. (NYSE:GIS – Get Rating) by 9.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,821 shares of the company’s stock after purchasing an additional 9,656 shares during the quarter. Macquarie Group Ltd.’s holdings in General Mills were worth $8,720,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geneva Partners LLC increased its position in shares of General Mills by 2.0% during the third quarter. Geneva Partners LLC now owns 6,579 shares of the company’s stock worth $504,000 after acquiring an additional 126 shares during the period. Pinnacle Financial Partners Inc. increased its position in shares of General Mills by 0.5% during the third quarter. Pinnacle Financial Partners Inc. now owns 27,800 shares of the company’s stock worth $2,129,000 after acquiring an additional 129 shares during the period. Physicians Financial Services Inc. increased its position in shares of General Mills by 1.0% during the second quarter. Physicians Financial Services Inc. now owns 13,353 shares of the company’s stock worth $1,007,000 after acquiring an additional 131 shares during the period. Archford Capital Strategies LLC increased its position in shares of General Mills by 1.6% during the third quarter. Archford Capital Strategies LLC now owns 8,212 shares of the company’s stock worth $629,000 after acquiring an additional 132 shares during the period. Finally, West Coast Financial LLC boosted its stake in General Mills by 3.5% in the third quarter. West Coast Financial LLC now owns 3,954 shares of the company’s stock valued at $303,000 after acquiring an additional 132 shares in the last quarter. 74.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Mark A. Pallot sold 1,955 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $85.99, for a total transaction of $168,110.45. Following the sale, the chief accounting officer now directly owns 17,146 shares of the company’s stock, valued at approximately $1,474,384.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Jonathon Nudi sold 10,894 shares of the company’s stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $84.49, for a total transaction of $920,434.06. Following the sale, the insider now directly owns 82,784 shares of the company’s stock, valued at approximately $6,994,420.16. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark A. Pallot sold 1,955 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $85.99, for a total transaction of $168,110.45. Following the sale, the chief accounting officer now directly owns 17,146 shares in the company, valued at $1,474,384.54. The disclosure for this sale can be found here. Insiders have sold a total of 40,006 shares of company stock valued at $3,393,359 in the last ninety days. Company insiders own 0.67% of the company’s stock.

General Mills Stock Performance

GIS opened at $79.11 on Tuesday. The firm has a market capitalization of $46.64 billion, a PE ratio of 16.52, a PEG ratio of 2.54 and a beta of 0.28. General Mills, Inc. has a twelve month low of $61.67 and a twelve month high of $88.34. The firm’s 50-day moving average price is $79.66 and its 200 day moving average price is $79.79. The company has a current ratio of 0.58, a quick ratio of 0.35 and a debt-to-equity ratio of 0.83.

General Mills (NYSE:GIS – Get Rating) last posted its quarterly earnings results on Tuesday, December 20th. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.04. The firm had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. General Mills had a net margin of 15.02% and a return on equity of 24.09%. As a group, sell-side analysts expect that General Mills, Inc. will post 4.18 EPS for the current fiscal year.

General Mills Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 1st. Stockholders of record on Monday, April 10th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, April 6th. General Mills’s dividend payout ratio (DPR) is 45.09%.

Analyst Upgrades and Downgrades

GIS has been the subject of several recent analyst reports. Credit Suisse Group raised their target price on shares of General Mills from $77.00 to $82.00 and gave the company a “neutral” rating in a research note on Wednesday, December 21st. Piper Sandler lifted their price objective on shares of General Mills from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Thursday, December 15th. Royal Bank of Canada lifted their price objective on shares of General Mills from $72.00 to $76.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 21st. BNP Paribas started coverage on shares of General Mills in a research note on Tuesday, November 15th. They set an “outperform” rating and a $90.00 price objective for the company. Finally, Stifel Nicolaus raised their target price on shares of General Mills from $82.00 to $84.00 and gave the stock a “hold” rating in a report on Wednesday, February 22nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $82.13.

About General Mills

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General Mills, Inc engages in the manufacture and marketing of branded consumer foods sold through retail stores. The firm operates through the following segments: North America Retail, Europe & Australia, Convenience Stores & Foodservice, Pet, and Asia & Latin America. The North America Retail segment includes grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains and e-commerce grocery providers.