OVERSEA CHINESE BANKING Corp Ltd Purchases Shares of 332,687 General Mills, Inc. $GIS

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in General Mills, Inc. (NYSE:GIS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 332,687 shares of the company’s stock, valued at approximately $11,578,000.

A number of other hedge funds also recently bought and sold shares of GIS. BlackRock Inc. bought a new stake in shares of General Mills in the 2nd quarter worth approximately $2,181,608,000. Norges Bank bought a new stake in shares of General Mills in the 4th quarter valued at about $361,552,000. Wellington Management Group LLP boosted its holdings in General Mills by 2,970.1% during the 4th quarter. Wellington Management Group LLP now owns 7,466,693 shares of the company’s stock valued at $347,201,000 after acquiring an additional 7,223,487 shares during the period. AQR Capital Management LLC grew its position in General Mills by 366.1% during the 4th quarter. AQR Capital Management LLC now owns 5,117,287 shares of the company’s stock worth $237,954,000 after acquiring an additional 4,019,319 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in General Mills in the 2nd quarter worth approximately $129,298,000. Institutional investors own 75.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Jefferies Financial Group lifted their target price on shares of General Mills from $33.00 to $36.00 and gave the stock a “hold” rating in a research note on Wednesday, July 1st. The Goldman Sachs Group reissued a “neutral” rating and issued a $36.00 target price on shares of General Mills in a research note on Tuesday, June 2nd. Bank of America increased their price objective on General Mills from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, July 2nd. Wells Fargo & Company raised their price target on General Mills from $30.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, July 2nd. Finally, Zacks Research upgraded shares of General Mills from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $39.16.

General Mills Stock Performance

Shares of GIS opened at $39.70 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.68 and a debt-to-equity ratio of 1.68. The stock has a market cap of $21.22 billion, a P/E ratio of -220.54 and a beta of -0.03. The business’s 50 day moving average price is $36.53 and its 200-day moving average price is $37.75. General Mills, Inc. has a 52 week low of $31.75 and a 52 week high of $51.33.

General Mills (NYSE:GIS) last posted its quarterly earnings data on Wednesday, July 1st. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.15. General Mills had a positive return on equity of 21.37% and a negative net margin of 0.48%.The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.59 billion. During the same quarter last year, the company earned $0.53 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. Equities research analysts anticipate that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year.

General Mills Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 10th were issued a dividend of $0.61 per share. The ex-dividend date was Friday, July 10th. This represents a $2.44 annualized dividend and a dividend yield of 6.1%. General Mills’s dividend payout ratio (DPR) is presently -1,355.56%.

About General Mills

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.