Greatmark Investment Partners Inc. Grows Position in General Mills, Inc. (NYSE:GIS)

Greatmark Investment Partners Inc. increased its holdings in General Mills, Inc. (NYSE:GIS) by 4.8% in the first quarter, Holdings Channel reports. The fund owned 52,196 shares of the company’s stock after purchasing an additional 2,404 shares during the quarter. Greatmark Investment Partners Inc.’s holdings in General Mills were worth $3,121,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GIS. Proficio Capital Partners LLC purchased a new stake in General Mills in the fourth quarter worth about $11,178,000. Sequoia Financial Advisors LLC lifted its position in shares of General Mills by 15.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 43,114 shares of the company’s stock valued at $2,749,000 after buying an additional 5,853 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of General Mills by 13.4% during the fourth quarter. Farther Finance Advisors LLC now owns 7,860 shares of the company’s stock valued at $501,000 after buying an additional 928 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of General Mills by 103.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 58,047 shares of the company’s stock valued at $3,702,000 after buying an additional 29,476 shares during the last quarter. Finally, Achmea Investment Management B.V. lifted its position in shares of General Mills by 5.0% during the fourth quarter. Achmea Investment Management B.V. now owns 67,230 shares of the company’s stock valued at $4,287,000 after buying an additional 3,222 shares during the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.

General Mills Stock Performance

GIS opened at $51.60 on Friday. General Mills, Inc. has a 52-week low of $49.86 and a 52-week high of $75.90. The firm’s 50-day moving average price is $53.49 and its 200-day moving average price is $57.45. The company has a quick ratio of 0.43, a current ratio of 0.67 and a debt-to-equity ratio of 1.38. The company has a market cap of $27.99 billion and a P/E ratio of 12.59.

General Mills (NYSE:GIS) last issued its quarterly earnings results on Wednesday, June 25th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.02. General Mills had a net margin of 11.78% and a return on equity of 24.88%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.60 billion. During the same quarter in the prior year, the company earned $1.01 EPS. General Mills’s quarterly revenue was down 3.3% on a year-over-year basis. As a group, equities analysts anticipate that General Mills, Inc. will post 4.36 EPS for the current fiscal year.

General Mills Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 4.73%. The ex-dividend date of this dividend is Thursday, July 10th. This is an increase from General Mills’s previous quarterly dividend of $0.60. General Mills’s dividend payout ratio is 59.51%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group lowered shares of General Mills from a “buy” rating to a “neutral” rating and decreased their price target for the company from $68.00 to $58.00 in a research report on Monday, June 9th. Barclays decreased their price target on shares of General Mills from $60.00 to $54.00 and set an “equal weight” rating for the company in a research report on Thursday, June 26th. Stifel Nicolaus decreased their price target on shares of General Mills from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Thursday, June 26th. Morgan Stanley reissued an “underweight” rating and set a $51.00 price target (down from $53.00) on shares of General Mills in a research report on Tuesday, June 24th. Finally, Wall Street Zen raised shares of General Mills from a “sell” rating to a “hold” rating in a research report on Saturday. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $59.73.

About General Mills

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 savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.