Somerville Kurt F Cuts Stake in General Mills, Inc. $GIS

Somerville Kurt F cut its holdings in shares of General Mills, Inc. (NYSE:GIS) by 9.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,368 shares of the company’s stock after selling 800 shares during the quarter. Somerville Kurt F’s holdings in General Mills were worth $382,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GIS. KLP Kapitalforvaltning AS raised its position in General Mills by 11.8% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 679,618 shares of the company’s stock worth $35,211,000 after purchasing an additional 71,900 shares during the period. Seamount Financial Group Inc. grew its stake in shares of General Mills by 6.5% during the second quarter. Seamount Financial Group Inc. now owns 7,219 shares of the company’s stock valued at $374,000 after buying an additional 439 shares during the last quarter. Capital Advisors Inc. OK increased its holdings in shares of General Mills by 25.4% in the second quarter. Capital Advisors Inc. OK now owns 572,870 shares of the company’s stock worth $29,680,000 after buying an additional 115,954 shares during the period. Belpointe Asset Management LLC increased its holdings in shares of General Mills by 38.1% in the second quarter. Belpointe Asset Management LLC now owns 24,960 shares of the company’s stock worth $1,293,000 after buying an additional 6,880 shares during the period. Finally, Eads & Heald Wealth Management boosted its holdings in General Mills by 8.5% during the 2nd quarter. Eads & Heald Wealth Management now owns 10,995 shares of the company’s stock valued at $570,000 after acquiring an additional 865 shares during the period. 75.71% of the stock is currently owned by institutional investors.

General Mills Stock Up 1.5%

Shares of NYSE GIS opened at $50.92 on Wednesday. The firm has a fifty day simple moving average of $49.76 and a two-hundred day simple moving average of $52.90. General Mills, Inc. has a 12 month low of $48.29 and a 12 month high of $72.82. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28. The firm has a market capitalization of $27.16 billion, a PE ratio of 9.63, a price-to-earnings-growth ratio of 1.27 and a beta of -0.03.

General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, September 17th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.04. General Mills had a net margin of 15.24% and a return on equity of 23.46%. The company had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.52 billion. During the same quarter in the previous year, the company earned $1.07 earnings per share. General Mills’s quarterly revenue was down 6.8% on a year-over-year basis. Equities analysts expect that General Mills, Inc. will post 4.36 earnings per share for the current year.

General Mills Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Friday, October 10th. General Mills’s dividend payout ratio (DPR) is presently 46.12%.

Wall Street Analysts Forecast Growth

GIS has been the topic of a number of analyst reports. Morgan Stanley decreased their price target on General Mills from $49.00 to $48.00 and set an “underweight” rating on the stock in a research note on Monday, September 15th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $45.00 target price (down from $53.00) on shares of General Mills in a research note on Wednesday, August 20th. Stifel Nicolaus lowered their price target on shares of General Mills from $65.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, June 26th. Barclays cut their price target on shares of General Mills from $54.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, September 19th. Finally, UBS Group lowered their price objective on shares of General Mills from $49.00 to $47.00 and set a “sell” rating for the company in a research note on Thursday, September 18th. Four analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $55.82.

Insider Buying and Selling at General Mills

In other General Mills news, insider Jacqueline Williams-Roll sold 4,000 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $50.04, for a total value of $200,160.00. Following the completion of the transaction, the insider owned 66,593 shares in the company, valued at approximately $3,332,313.72. This represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

General Mills Company 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.