Mirae Asset Global Investments Co. Ltd. Boosts Stock Holdings in General Mills, Inc. (NYSE:GIS)

Posted by Defense World Staff on Aug 5th, 2023

Mirae Asset Global Investments Co. Ltd. grew its position in shares of General Mills, Inc. (NYSE:GIS – Free Report) by 5.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,235 shares of the company’s stock after purchasing an additional 10,952 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in General Mills were worth $17,881,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GIS. FWL Investment Management LLC purchased a new position in shares of General Mills during the 4th quarter valued at approximately $25,000. James Investment Research Inc. purchased a new stake in General Mills in the 4th quarter worth $26,000. Almanack Investment Partners LLC. purchased a new stake in General Mills in the 3rd quarter worth $28,000. AXS Investments LLC purchased a new stake in General Mills in the 4th quarter worth $30,000. Finally, Paragon Wealth Strategies LLC increased its holdings in General Mills by 164.9% in the 4th quarter. Paragon Wealth Strategies LLC now owns 392 shares of the company’s stock worth $33,000 after acquiring an additional 244 shares in the last quarter. 76.73% of the stock is owned by hedge funds and other institutional investors.

General Mills Trading Down 1.2 %

NYSE GIS opened at $73.59 on Friday. The firm’s 50-day moving average is $78.52 and its two-hundred day moving average is $81.33. General Mills, Inc. has a 12 month low of $73.52 and a 12 month high of $90.89. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.69 and a quick ratio of 0.40. The stock has a market capitalization of $43.06 billion, a P/E ratio of 17.07, a PEG ratio of 2.23 and a beta of 0.23.

General Mills (NYSE:GIS – Get Free Report) last posted its earnings results on Wednesday, June 28th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. General Mills had a net margin of 12.91% and a return on equity of 24.47%. The company had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the prior year, the company posted $1.12 earnings per share. General Mills’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, sell-side analysts anticipate that General Mills, Inc. will post 4.5 earnings per share for the current year.

General Mills Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, July 7th. This is a positive change from General Mills’s previous quarterly dividend of $0.54. This represents a $2.36 dividend on an annualized basis and a yield of 3.21%. General Mills’s dividend payout ratio is 54.76%.

Analyst Ratings Changes

Several brokerages recently commented on GIS. Piper Sandler cut their price target on shares of General Mills from $95.00 to $88.00 in a report on Thursday, June 29th. JPMorgan Chase & Co. cut their price target on shares of General Mills from $81.00 to $75.00 in a report on Thursday, June 29th. Evercore ISI cut their price target on shares of General Mills from $85.00 to $80.00 in a report on Thursday, June 29th. StockNews.com lowered shares of General Mills from a “buy” rating to a “hold” rating in a report on Friday, July 7th. Finally, 888 reaffirmed a “maintains” rating on shares of General Mills in a report on Thursday, June 29th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $82.67.

Insiders Place Their Bets

In other General Mills news, insider Jodi J. Benson sold 3,009 shares of the business’s stock in a transaction dated Friday, May 12th. The shares were 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 $3,215,129.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other General Mills news, CAO Mark A. Pallot sold 4,081 shares of the business’s 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 directly owns 13,121 shares in the company, valued at $1,185,088.72. The sale was disclosed in a legal 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 business’s 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 owns 35,491 shares in the company, valued at $3,215,129.69. The disclosure for this sale can be found here. Insiders own 0.67% of the company’s stock.

General Mills Profile

(Free Report)

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 salty snacks, ice cream and frozen desserts, nutrition bars, and savory snacks, as well as various organic products, including frozen and shelf-stable vegetables.