ETF Managers Group LLC Invests $692,000 in General Mills, Inc. (NYSE:GIS)

Posted by Defense World Staff on Jun 30th, 2023

ETF Managers Group LLC bought a new position in General Mills, Inc. (NYSE:GIS – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 8,092 shares of the company’s stock, valued at approximately $692,000.

Several other hedge funds have also recently modified their holdings of the stock. Moneta Group Investment Advisors LLC raised its stake in General Mills by 123,599.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 11,076,005 shares of the company’s stock valued at $928,723,000 after purchasing an additional 11,067,051 shares in the last quarter. Norges Bank purchased a new stake in General Mills during the fourth quarter valued at $382,081,000. Price T Rowe Associates Inc. MD raised its stake in General Mills by 341.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,438,344 shares of the company’s stock valued at $288,305,000 after purchasing an additional 2,659,821 shares in the last quarter. Capital Wealth Planning LLC raised its stake in General Mills by 42.2% during the fourth quarter. Capital Wealth Planning LLC now owns 3,547,188 shares of the company’s stock valued at $297,432,000 after purchasing an additional 1,052,899 shares in the last quarter. Finally, Morgan Stanley raised its stake in General Mills by 14.6% during the fourth quarter. Morgan Stanley now owns 8,249,549 shares of the company’s stock valued at $691,725,000 after purchasing an additional 1,051,169 shares in the last quarter. Hedge funds and other institutional investors own 76.73% of the company’s stock.

Insider Activity at General Mills

In related news, CAO Mark A. Pallot sold 4,081 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $90.32, for a total value of $368,595.92. Following the completion of the transaction, the chief accounting officer now directly owns 13,121 shares of the company’s stock, valued at approximately $1,185,088.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Bethany C. Quam sold 21,734 shares of the stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $85.86, for a total value of $1,866,081.24. Following the completion of the transaction, the insider now directly owns 47,560 shares of the company’s stock, valued at approximately $4,083,501.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark A. Pallot sold 4,081 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $90.32, for a total transaction of $368,595.92. Following the completion of the transaction, the chief accounting officer now directly owns 13,121 shares of the company’s stock, valued at $1,185,088.72. The disclosure for this sale can be found here. Insiders sold 47,341 shares of company stock valued at $4,163,978 in the last three months. 0.67% of the stock is owned by insiders.

General Mills Stock Down 0.5 %

NYSE:GIS opened at $76.30 on Friday. General Mills, Inc. has a fifty-two week low of $72.16 and a fifty-two week high of $90.89. The stock has a market capitalization of $44.81 billion, a P/E ratio of 16.48, a P/E/G ratio of 2.44 and a beta of 0.27. 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 company’s 50-day simple moving average is $85.16 and its 200-day simple moving average is $83.01.

General Mills (NYSE:GIS – Free Report) last released its quarterly earnings results on Wednesday, June 28th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. General Mills had a net margin of 14.04% and a return on equity of 24.51%. The business had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period last year, the business earned $1.12 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. On average, equities analysts anticipate that General Mills, Inc. will post 4.24 earnings per share for the current fiscal year.

General Mills Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a $0.59 dividend. This is a positive change from General Mills’s previous quarterly dividend of $0.54. This represents a $2.36 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, July 7th. General Mills’s dividend payout ratio (DPR) is presently 46.65%.

Wall Street Analyst Weigh In

GIS has been the topic of several recent analyst reports. Morgan Stanley reduced their target price on shares of General Mills from $77.00 to $72.00 in a research note on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $76.00 target price on shares of General Mills in a research note on Friday, March 24th. Evercore ISI reduced their target price on shares of General Mills from $85.00 to $80.00 in a research note on Thursday. Wells Fargo & Company reduced their target price on shares of General Mills from $89.00 to $80.00 in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their target price on shares of General Mills from $81.00 to $75.00 in a research note on Thursday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $82.56.

General Mills Profile

(Free Report)

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers 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 salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables.