PNC Financial Services Group Inc. Has $87.40 Million Stake in General Mills, Inc. (NYSE:GIS)

PNC Financial Services Group Inc. trimmed its position in shares of General Mills, Inc. (NYSE:GIS) by 2.0% in the first quarter, Holdings Channel reports. The fund owned 1,461,790 shares of the company’s stock after selling 30,504 shares during the quarter. PNC Financial Services Group Inc.’s holdings in General Mills were worth $87,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. boosted its holdings in General Mills by 10.6% during the fourth quarter. Franklin Resources Inc. now owns 484,550 shares of the company’s stock valued at $30,900,000 after acquiring an additional 46,536 shares during the period. Victory Capital Management Inc. boosted its holdings in General Mills by 7.3% during the first quarter. Victory Capital Management Inc. now owns 522,576 shares of the company’s stock valued at $31,245,000 after acquiring an additional 35,494 shares during the period. Ameriprise Financial Inc. boosted its holdings in General Mills by 34.5% during the fourth quarter. Ameriprise Financial Inc. now owns 9,123,387 shares of the company’s stock valued at $581,903,000 after acquiring an additional 2,341,137 shares during the period. Rock Point Advisors LLC bought a new stake in General Mills during the first quarter valued at about $3,610,000. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in General Mills by 126.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 774,134 shares of the company’s stock valued at $46,285,000 after acquiring an additional 431,693 shares during the period. 75.71% of the stock is currently owned by institutional investors.

General Mills Stock Performance

NYSE:GIS opened at $48.94 on Friday. General Mills, Inc. has a 12-month low of $48.59 and a 12-month high of $75.90. 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 firm has a market capitalization of $26.55 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 1.23 and a beta of -0.01. The firm has a 50-day moving average price of $52.24 and a 200 day moving average price of $56.25.

General Mills (NYSE:GIS) last posted its quarterly earnings results on Wednesday, June 25th. The company reported $0.74 earnings per share (EPS) 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 firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same quarter in the prior year, the business posted $1.01 earnings per share. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Research analysts anticipate that General Mills, Inc. will post 4.36 earnings per share for the current fiscal year.

General Mills Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 5.0%. This is a boost from General Mills’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Thursday, July 10th. General Mills’s dividend payout ratio (DPR) is currently 59.51%.

Analyst Ratings Changes

GIS has been the subject of a number of recent analyst reports. 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 report on Thursday, June 26th. Wells Fargo & Company set a $53.00 price objective on shares of General Mills and gave the company an “equal weight” rating in a research report on Thursday, June 26th. Royal Bank Of Canada raised shares of General Mills from a “sector perform” rating to an “outperform” rating and cut their price objective for the company from $67.00 to $63.00 in a research report on Thursday, June 26th. Wall Street Zen raised shares of General Mills from a “sell” rating to a “hold” rating in a research report on Sunday. Finally, Bank of America cut their price objective on shares of General Mills from $63.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, June 26th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $59.73.

General Mills Profile

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.