Carret Asset Management LLC Purchases New Position in General Mills, Inc. (NYSE:GIS)

Carret Asset Management LLC acquired a new position in General Mills, Inc. (NYSE:GIS) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,139 shares of the company’s stock, valued at approximately $232,000.

Several other hedge funds have also modified their holdings of the company. Wealthcare Advisory Partners LLC bought a new position in General Mills during the first quarter valued at $386,000. Founders Financial Securities LLC purchased a new position in General Mills in the first quarter worth about $367,000. Cornerstone Wealth Group LLC purchased a new position in General Mills during the first quarter worth $258,000. Diversified Trust Co purchased a new stake in General Mills in the 1st quarter worth about $1,356,000. Finally, Claro Advisors LLC lifted its stake in General Mills by 5.7% in the first quarter. Claro Advisors LLC now owns 3,813 shares of the company’s stock worth $267,000 after purchasing an additional 204 shares during the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.

General Mills Price Performance

NYSE GIS opened at $68.30 on Monday. The company has a market cap of $38.12 billion, a PE ratio of 15.85, a P/E/G ratio of 3.55 and a beta of 0.10. The firm’s 50 day moving average price is $72.31 and its 200-day moving average price is $69.17. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.39 and a current ratio of 0.66. General Mills, Inc. has a 52-week low of $61.47 and a 52-week high of $75.90.

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

General Mills Announces Dividend

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 of this dividend is Thursday, October 10th. This represents a $2.40 annualized dividend and a yield of 3.51%. General Mills’s dividend payout ratio (DPR) is presently 55.68%.

Insiders Place Their Bets

In other news, 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 sale, the chief executive officer now directly owns 355,328 shares in the company, valued at approximately $24,379,054.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Pankaj Mn Sharma sold 2,325 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.63, for a total transaction of $173,514.75. Following the transaction, the insider now directly owns 36,184 shares of the company’s stock, valued at $2,700,411.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jeffrey L. Harmening sold 46,500 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was 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 of the company’s stock, valued at approximately $24,379,054.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,555 shares of company stock worth $4,657,676. 0.24% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. The Goldman Sachs Group initiated coverage on General Mills in a research note on Monday, August 12th. They set a “buy” rating and a $76.00 target price on the stock. Bank of America upped their price objective on General Mills from $68.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Argus reiterated a “hold” rating on shares of General Mills in a research report on Tuesday, July 16th. Mizuho cut their price target on shares of General Mills from $70.00 to $62.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. Finally, Citigroup raised their price target on shares of General Mills from $68.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $73.00.

General Mills Company 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.