US Bancorp DE Has $141.69 Million Stake in General Mills, Inc. (NYSE:GIS)

US Bancorp DE reduced its stake in shares of General Mills, Inc. (NYSE:GIS) by 2.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,918,607 shares of the company’s stock after selling 57,073 shares during the period. US Bancorp DE owned about 0.34% of General Mills worth $141,689,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arkadios Wealth Advisors raised its position in General Mills by 41.8% in the 2nd quarter. Arkadios Wealth Advisors now owns 36,503 shares of the company’s stock valued at $2,309,000 after buying an additional 10,765 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of General Mills by 5.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 688,543 shares of the company’s stock valued at $48,177,000 after purchasing an additional 38,021 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of General Mills by 16.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 696,170 shares of the company’s stock valued at $48,711,000 after purchasing an additional 96,712 shares in the last quarter. iA Global Asset Management Inc. boosted its holdings in General Mills by 92.5% during the first quarter. iA Global Asset Management Inc. now owns 48,721 shares of the company’s stock worth $3,409,000 after purchasing an additional 23,411 shares during the last quarter. Finally, DNB Asset Management AS grew its position in General Mills by 10.5% in the 2nd quarter. DNB Asset Management AS now owns 119,106 shares of the company’s stock worth $7,535,000 after purchasing an additional 11,334 shares in the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on GIS shares. Bank of America lifted their target price on shares of General Mills from $68.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Barclays increased their price target on General Mills from $67.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. boosted their price objective on General Mills from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Citigroup raised their target price on General Mills from $68.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Finally, Piper Sandler lifted their target price on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $73.00.

General Mills Stock Performance

Shares of NYSE GIS traded up $0.34 during midday trading on Thursday, hitting $68.56. The company’s stock had a trading volume of 841,801 shares, compared to its average volume of 3,873,050. The firm has a market capitalization of $38.27 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 3.55 and a beta of 0.10. The company has a current ratio of 0.66, a quick ratio of 0.39 and a debt-to-equity ratio of 1.20. The stock has a fifty day moving average price of $72.19 and a 200 day moving average price of $69.19. General Mills, Inc. has a one year low of $61.47 and a one year high of $75.90.

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

General Mills Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.60 dividend. The ex-dividend date is Thursday, October 10th. This represents a $2.40 annualized dividend and a yield of 3.50%. General Mills’s dividend payout ratio is currently 55.68%.

Insiders Place Their Bets

In other news, CEO Jeffrey L. Harmening sold 46,500 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the sale, the chief executive officer now directly owns 355,328 shares in the company, valued at $24,379,054.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other General Mills news, CAO Mark A. Pallot sold 8,083 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $71.28, for a total value of $576,156.24. Following the transaction, the chief accounting officer now directly owns 14,813 shares in the company, valued at $1,055,870.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeffrey L. Harmening sold 46,500 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $68.61, for a total value of $3,190,365.00. Following the completion of the sale, the chief executive officer now directly owns 355,328 shares in the company, valued at approximately $24,379,054.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,555 shares of company stock worth $4,657,676 in the last quarter. 0.24% of the stock is owned by company insiders.

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.