Korea Investment CORP reduced its holdings in shares of General Mills, Inc. (NYSE:GIS) by 92.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 19,229 shares of the company’s stock after selling 225,665 shares during the quarter. Korea Investment CORP’s holdings in General Mills were worth $825,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Acadian Asset Management LLC bought a new position in shares of General Mills during the 2nd quarter worth approximately $115,000. CSat Investment Advisory L.P. bought a new position in shares of General Mills during the 2nd quarter worth approximately $118,000. Kiley Juergens Wealth Management LLC boosted its stake in shares of General Mills by 108.2% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 3,017 shares of the company’s stock worth $129,000 after acquiring an additional 1,568 shares during the period. ELM Advisors LLC bought a new position in shares of General Mills during the 3rd quarter worth approximately $137,000. Finally, Selective Wealth Management bought a new position in shares of General Mills during the 3rd quarter worth approximately $139,000. Institutional investors own 68.67% of the company’s stock.
Several brokerages have recently commented on GIS. Bank of America reduced their target price on General Mills from $49.00 to $45.00 and set a “neutral” rating for the company in a research note on Friday. ValuEngine upgraded General Mills from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 11th. Morgan Stanley reduced their target price on General Mills from $48.00 to $47.00 and set a “hold” rating for the company in a research note on Thursday, September 20th. Credit Suisse Group set a $46.00 target price on General Mills and gave the stock a “hold” rating in a research note on Wednesday, September 19th. Finally, UBS Group set a $46.00 target price on General Mills and gave the stock a “hold” rating in a research note on Wednesday, September 19th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $50.06.
General Mills (NYSE:GIS) last released its quarterly earnings results on Tuesday, September 18th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.07. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.12 billion. General Mills had a return on equity of 31.84% and a net margin of 13.19%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 EPS. On average, research analysts expect that General Mills, Inc. will post 3.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be paid a $0.49 dividend. The ex-dividend date is Wednesday, January 9th. This represents a $1.96 annualized dividend and a yield of 5.09%. General Mills’s dividend payout ratio (DPR) is presently 63.02%.
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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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