Westpac Banking Corp Buys New Position in General Mills, Inc. $GIS

Westpac Banking Corp bought a new stake in General Mills, Inc. (NYSE:GIS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 36,549 shares of the company’s stock, valued at approximately $1,272,000.

Several other institutional investors also recently added to or reduced their stakes in GIS. Reflection Asset Management bought a new stake in shares of General Mills in the fourth quarter valued at approximately $25,000. Nalls Sherbakoff Group LLC acquired a new stake in shares of General Mills in the fourth quarter worth $26,000. Bruce G. Allen Investments LLC grew its stake in shares of General Mills by 139.8% in the fourth quarter. Bruce G. Allen Investments LLC now owns 578 shares of the company’s stock worth $27,000 after acquiring an additional 337 shares during the last quarter. Zions Bancorporation National Association UT increased its position in General Mills by 248.1% during the fourth quarter. Zions Bancorporation National Association UT now owns 630 shares of the company’s stock worth $29,000 after acquiring an additional 449 shares during the period. Finally, Binnacle Investments Inc increased its position in General Mills by 312.5% during the third quarter. Binnacle Investments Inc now owns 660 shares of the company’s stock worth $33,000 after acquiring an additional 500 shares during the period. 75.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GIS. Piper Sandler reduced their price target on shares of General Mills from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Morgan Stanley decreased their price target on shares of General Mills from $37.00 to $32.00 and set an “underweight” rating on the stock in a research report on Friday, June 5th. Zacks Research upgraded shares of General Mills from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. Barclays cut their price objective on shares of General Mills from $41.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, May 11th. Finally, Wells Fargo & Company increased their target price on shares of General Mills from $30.00 to $33.00 and gave the company an “underweight” rating in a research note on Thursday, July 2nd. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, General Mills currently has a consensus rating of “Reduce” and an average target price of $39.16.

General Mills Stock Performance

NYSE GIS opened at $39.99 on Friday. General Mills, Inc. has a twelve month low of $31.75 and a twelve month high of $51.33. 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 $21.38 billion, a P/E ratio of -222.15 and a beta of -0.03. The company’s 50-day simple moving average is $36.64 and its 200 day simple moving average is $37.77.

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

General Mills Announces Dividend

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

General Mills Company Profile

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.