OVERSEA CHINESE BANKING Corp Ltd Boosts Holdings in General Mills, Inc. (NYSE:GIS)

OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of General Mills, Inc. (NYSE:GIS) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 342,441 shares of the company’s stock after acquiring an additional 8,565 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in General Mills were worth $21,837,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. State Street Corp lifted its holdings in General Mills by 9.4% in the third quarter. State Street Corp now owns 33,502,737 shares of the company’s stock valued at $2,474,177,000 after acquiring an additional 2,867,678 shares during the period. Nordea Investment Management AB lifted its stake in shares of General Mills by 64.5% in the 4th quarter. Nordea Investment Management AB now owns 7,803,046 shares of the company’s stock valued at $497,054,000 after purchasing an additional 3,058,414 shares during the period. JPMorgan Chase & Co. boosted its holdings in General Mills by 105.2% during the third quarter. JPMorgan Chase & Co. now owns 5,708,223 shares of the company’s stock worth $421,552,000 after buying an additional 2,926,232 shares in the last quarter. Amundi grew its position in General Mills by 9.7% during the fourth quarter. Amundi now owns 4,082,376 shares of the company’s stock valued at $248,902,000 after buying an additional 360,368 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of General Mills by 5.5% in the fourth quarter. Bank of New York Mellon Corp now owns 4,004,777 shares of the company’s stock worth $255,385,000 after acquiring an additional 207,346 shares during the period. Hedge funds and other institutional investors own 75.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on GIS. Mizuho lowered their price target on General Mills from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. JPMorgan Chase & Co. cut their price target on shares of General Mills from $62.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Barclays decreased their price objective on shares of General Mills from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Tuesday. Piper Sandler cut their target price on shares of General Mills from $84.00 to $71.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Finally, TD Cowen lowered their price objective on General Mills from $75.00 to $64.00 and set a “hold” rating on the stock in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.53.

Insider Activity at General Mills

In other news, insider Paul Joseph Gallagher sold 1,041 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $64.50, for a total value of $67,144.50. Following the transaction, the insider now owns 42,117 shares of the company’s stock, valued at $2,716,546.50. This represents a 2.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jeffrey L. Harmening sold 11,379 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $65.00, for a total value of $739,635.00. Following the transaction, the chief executive officer now owns 353,346 shares of the company’s stock, valued at approximately $22,967,490. This represents a 3.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

General Mills Stock Down 1.0 %

NYSE GIS opened at $60.33 on Wednesday. The business’s fifty day simple moving average is $60.08 and its 200-day simple moving average is $65.47. The company has a quick ratio of 0.67, a current ratio of 0.92 and a debt-to-equity ratio of 1.32. The firm has a market cap of $33.25 billion, a PE ratio of 13.11, a P/E/G ratio of 1.94 and a beta of 0.06. General Mills, Inc. has a 52 week low of $55.15 and a 52 week high of $75.90.

General Mills (NYSE:GIS) last issued its earnings results on Wednesday, December 18th. The company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.18. General Mills had a net margin of 13.08% and a return on equity of 27.55%. The company had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm earned $1.25 earnings per share. General Mills’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that General Mills, Inc. will post 4.36 earnings per share for the current year.

General Mills Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Thursday, April 10th. General Mills’s payout ratio is presently 52.17%.

General Mills Profile

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.