Welch & Forbes LLC Buys New Holdings in General Mills, Inc. (GIS)

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Welch & Forbes LLC acquired a new position in General Mills, Inc. (NYSE:GIS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 99,244 shares of the company’s stock, valued at approximately $4,393,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GIS. Lee Financial Co grew its holdings in General Mills by 178.2% in the 1st quarter. Lee Financial Co now owns 2,504 shares of the company’s stock worth $113,000 after acquiring an additional 1,604 shares during the last quarter. Institutional & Family Asset Management LLC bought a new stake in General Mills in the 1st quarter worth $115,000. TLP Group LLC grew its holdings in General Mills by 840.9% in the 1st quarter. TLP Group LLC now owns 2,992 shares of the company’s stock worth $135,000 after acquiring an additional 2,674 shares during the last quarter. American National Bank bought a new stake in General Mills in the 2nd quarter worth $138,000. Finally, Financial Gravity Wealth Inc. bought a new stake in shares of General Mills during the 1st quarter valued at about $140,000. 71.61% of the stock is owned by institutional investors.

General Mills stock traded up $0.05 during trading hours on Thursday, hitting $45.27. The stock had a trading volume of 2,497,600 shares, compared to its average volume of 5,417,006. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.34 and a current ratio of 0.56. General Mills, Inc. has a 12-month low of $41.01 and a 12-month high of $60.69. The stock has a market capitalization of $27.95 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.82 and a beta of 0.77.

General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, June 27th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.07. General Mills had a net margin of 13.54% and a return on equity of 35.14%. The firm had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.89 billion. During the same period in the previous year, the company earned $0.73 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. equities research analysts forecast that General Mills, Inc. will post 3.05 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Tuesday, July 10th were issued a dividend of $0.49 per share. The ex-dividend date was Monday, July 9th. This represents a $1.96 annualized dividend and a dividend yield of 4.33%. General Mills’s payout ratio is 63.02%.

A number of brokerages have recently weighed in on GIS. ValuEngine lowered shares of General Mills from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Zacks Investment Research lowered shares of General Mills from a “hold” rating to a “sell” rating in a research note on Wednesday, June 20th. Goldman Sachs Group raised shares of General Mills from a “sell” rating to a “neutral” rating and set a $47.00 price target for the company in a research report on Wednesday, May 16th. Bank of America reissued a “hold” rating and set a $49.00 price target on shares of General Mills in a research report on Wednesday, June 27th. Finally, Susquehanna Bancshares set a $50.00 price target on shares of General Mills and gave the company a “buy” rating in a research report on Monday, May 21st. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company’s stock. General Mills currently has a consensus rating of “Hold” and an average target price of $50.71.

In other news, insider Shawn P. Ogrady sold 82,244 shares of the business’s stock in a transaction that occurred on Thursday, June 28th. The shares were sold at an average price of $45.50, for a total transaction of $3,742,102.00. Following the completion of the transaction, the insider now directly owns 187,948 shares of the company’s stock, valued at $8,551,634. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kofi A. Bruce sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $47.28, for a total transaction of $104,016.00. Following the transaction, the insider now directly owns 19,660 shares of the company’s stock, valued at $929,524.80. The disclosure for this sale can be found here. Insiders have sold 158,018 shares of company stock valued at $7,114,487 over the last three months. 1.40% of the stock is owned by corporate insiders.

About General Mills

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.

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Institutional Ownership by Quarter for General Mills (NYSE:GIS)

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