State of Michigan Retirement System Has $8.94 Million Stock Position in General Mills, Inc. (NYSE:GIS)

State of Michigan Retirement System cut its stake in shares of General Mills, Inc. (NYSE:GIS) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 149,502 shares of the company’s stock after selling 1,200 shares during the period. State of Michigan Retirement System’s holdings in General Mills were worth $8,939,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC bought a new stake in General Mills in the 4th quarter valued at $30,000. Perkins Coie Trust Co lifted its holdings in shares of General Mills by 69.2% during the first quarter. Perkins Coie Trust Co now owns 516 shares of the company’s stock worth $31,000 after buying an additional 211 shares in the last quarter. VSM Wealth Advisory LLC bought a new stake in shares of General Mills in the fourth quarter valued at about $32,000. Transce3nd LLC acquired a new position in shares of General Mills in the fourth quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in General Mills during the first quarter worth about $34,000. Institutional investors own 75.71% of the company’s stock.

General Mills Stock Performance

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

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

General Mills Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have issued reports on GIS shares. UBS Group decreased their target price on shares of General Mills from $52.00 to $49.00 and set a “sell” rating on the stock in a research report on Thursday, June 26th. JPMorgan Chase & Co. reduced their price target on General Mills from $60.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday, March 20th. Morgan Stanley reaffirmed an “underweight” rating and issued a $51.00 price objective (down from $53.00) on shares of General Mills in a report on Tuesday, June 24th. Barclays cut their target price on 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. Finally, Wall Street Zen upgraded 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 assigned a buy rating to the company. Based on data from MarketBeat, the company currently 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.