Hartford Financial Management Inc. raised its stake in shares of General Mills, Inc. (NYSE:GIS) by 4,000.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,100 shares of the company’s stock after buying an additional 4,000 shares during the quarter. Hartford Financial Management Inc.’s holdings in General Mills were worth $160,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of GIS. Capital World Investors boosted its position in shares of General Mills by 6.8% during the 3rd quarter. Capital World Investors now owns 7,874,419 shares of the company’s stock valued at $337,970,000 after acquiring an additional 499,519 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of General Mills by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,644,795 shares of the company’s stock valued at $338,359,000 after acquiring an additional 46,939 shares during the last quarter. Morgan Stanley boosted its position in shares of General Mills by 6.6% during the 3rd quarter. Morgan Stanley now owns 5,688,684 shares of the company’s stock valued at $244,156,000 after acquiring an additional 354,443 shares during the last quarter. Federated Investors Inc. PA boosted its position in shares of General Mills by 6.8% during the 3rd quarter. Federated Investors Inc. PA now owns 5,556,622 shares of the company’s stock valued at $238,491,000 after acquiring an additional 353,392 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in shares of General Mills by 23.8% during the 3rd quarter. Macquarie Group Ltd. now owns 5,405,699 shares of the company’s stock valued at $232,013,000 after acquiring an additional 1,037,852 shares during the last quarter. 68.90% of the stock is owned by institutional investors and hedge funds.
In other General Mills news, Director R Kerry Clark sold 7,849 shares of the stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $44.26, for a total value of $347,396.74. Following the transaction, the director now owns 30,215 shares of the company’s stock, valued at $1,337,315.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.
General Mills (NYSE:GIS) last posted its earnings results on Wednesday, December 19th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.04. General Mills had a return on equity of 29.44% and a net margin of 12.48%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.51 billion. During the same quarter in the prior year, the company earned $0.82 earnings per share. General Mills’s revenue was up 5.0% on a year-over-year basis. On average, research analysts predict that General Mills, Inc. will post 3.08 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Tuesday, April 9th. General Mills’s dividend payout ratio is 63.02%.
A number of brokerages have recently issued reports on GIS. Morgan Stanley set a $41.00 price target on General Mills and gave the company a “hold” rating in a research report on Friday, December 21st. Wells Fargo & Co set a $46.00 price target on General Mills and gave the company a “buy” rating in a research report on Thursday, December 20th. Piper Jaffray Companies reiterated an “average” rating and set a $47.00 price target on shares of General Mills in a research report on Thursday, December 20th. Guggenheim began coverage on General Mills in a research report on Tuesday, January 22nd. They set a “buy” rating and a $49.00 price target for the company. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $55.00 price target on shares of General Mills in a research report on Tuesday, December 18th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $47.45.
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General Mills Profile
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, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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