State Street Corp Acquires 2,867,678 Shares of General Mills, Inc. (NYSE:GIS)

State Street Corp boosted its holdings in shares of General Mills, Inc. (NYSE:GIS) by 9.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,502,737 shares of the company’s stock after acquiring an additional 2,867,678 shares during the period. State Street Corp owned approximately 6.03% of General Mills worth $2,474,177,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Legal & General Group Plc lifted its holdings in shares of General Mills by 6.1% in the second quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock valued at $356,151,000 after purchasing an additional 323,090 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of General Mills by 2.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,413,585 shares of the company’s stock valued at $342,478,000 after purchasing an additional 148,235 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of General Mills by 100.4% in the second quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock valued at $299,138,000 after purchasing an additional 2,368,563 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of General Mills by 7.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,823,254 shares of the company’s stock valued at $282,347,000 after purchasing an additional 263,188 shares in the last quarter. Finally, abrdn plc lifted its holdings in shares of General Mills by 3.9% in the third quarter. abrdn plc now owns 2,492,918 shares of the company’s stock valued at $183,778,000 after purchasing an additional 92,931 shares in the last quarter. 75.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Jonathon Nudi sold 9,647 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $74.39, for a total value of $717,640.33. Following the transaction, the insider now owns 128,664 shares of the company’s stock, valued at approximately $9,571,314.96. This represents a 6.97 % 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. Also, insider Pankaj Mn Sharma sold 2,325 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.63, for a total value of $173,514.75. Following the completion of the transaction, the insider now directly owns 36,184 shares in the company, valued at $2,700,411.92. The trade was a 6.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,555 shares of company stock valued at $4,721,336. 0.26% of the stock is owned by insiders.

General Mills Price Performance

Shares of NYSE GIS opened at $65.55 on Friday. The business’s 50 day moving average price is $68.15 and its two-hundred day moving average price is $68.36. The company has a market cap of $36.39 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 3.44 and a beta of 0.10. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 1.20. General Mills, Inc. has a twelve month low of $61.47 and a twelve month high of $75.90.

General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.80 billion. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.09 earnings per share. On average, analysts predict that General Mills, Inc. will post 4.51 EPS for the current year.

General Mills Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Friday, January 10th. General Mills’s payout ratio is 57.14%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GIS shares. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 price target on shares of General Mills in a report on Thursday, September 19th. Wells Fargo & Company cut their price target on General Mills from $77.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, November 15th. Bank of America boosted their price target on General Mills from $68.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Citigroup upped their target price on General Mills from $68.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their target price on General Mills from $63.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, General Mills has an average rating of “Hold” and a consensus target price of $72.67.

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.