General Mills (NYSE:GIS) Shares Gap Down to $83.78

Posted by on Jun 9th, 2023

General Mills, Inc. (NYSE:GIS – Get Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $83.78, but opened at $81.27. General Mills shares last traded at $81.13, with a volume of 850,442 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GIS shares. StockNews.com assumed coverage on shares of General Mills in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Wells Fargo & Company raised their price target on shares of General Mills from $88.00 to $89.00 and gave the company an “equal weight” rating in a report on Friday, March 24th. Deutsche Bank Aktiengesellschaft raised their price target on shares of General Mills from $84.00 to $86.00 in a report on Friday, March 24th. Mizuho raised their price target on shares of General Mills from $75.00 to $80.00 in a report on Monday, March 27th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $76.00 price target on shares of General Mills in a report on Friday, March 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $84.76.

General Mills Stock Performance

The firm’s 50-day moving average price is $87.03 and its two-hundred day moving average price is $83.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.32 and a current ratio of 0.54. The stock has a market cap of $48.54 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 2.43 and a beta of 0.27.

General Mills (NYSE:GIS – Get Rating) last announced its quarterly earnings results on Thursday, March 23rd. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.06. The firm had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $4.97 billion. General Mills had a net margin of 14.04% and a return on equity of 24.51%. The company’s revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS. On average, analysts expect that General Mills, Inc. will post 4.23 EPS for the current fiscal year.

Insider Buying and Selling at General Mills

In other General Mills news, insider Jodi J. Benson sold 3,009 shares of the company’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $90.59, for a total value of $272,585.31. Following the transaction, the insider now owns 35,491 shares of the company’s stock, valued at $3,215,129.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Mark A. Pallot sold 4,081 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $90.32, for a total transaction of $368,595.92. Following the sale, the chief accounting officer now owns 13,121 shares of the company’s stock, valued at $1,185,088.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jodi J. Benson sold 3,009 shares of the stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $90.59, for a total transaction of $272,585.31. Following the sale, the insider now directly owns 35,491 shares in the company, valued at approximately $3,215,129.69. The disclosure for this sale can be found here. Insiders have sold 55,371 shares of company stock valued at $4,849,178 over the last 90 days. 0.67% of the stock is owned by insiders.

Institutional Trading of General Mills

Hedge funds have recently made changes to their positions in the business. Cibc World Market Inc. raised its holdings in General Mills by 4.8% in the first quarter. Cibc World Market Inc. now owns 22,026 shares of the company’s stock valued at $1,492,000 after acquiring an additional 1,003 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in General Mills by 45.3% in the first quarter. Sequoia Financial Advisors LLC now owns 5,867 shares of the company’s stock valued at $397,000 after acquiring an additional 1,828 shares in the last quarter. Candriam Luxembourg S.C.A. raised its holdings in General Mills by 2.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 73,176 shares of the company’s stock valued at $4,955,000 after acquiring an additional 1,503 shares in the last quarter. Baird Financial Group Inc. raised its holdings in General Mills by 2.3% in the first quarter. Baird Financial Group Inc. now owns 279,604 shares of the company’s stock valued at $18,935,000 after acquiring an additional 6,176 shares in the last quarter. Finally, Covestor Ltd raised its holdings in General Mills by 15.3% in the first quarter. Covestor Ltd now owns 1,834 shares of the company’s stock valued at $124,000 after acquiring an additional 244 shares in the last quarter. Institutional investors and hedge funds own 74.48% of the company’s stock.

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.

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