King Wealth Management Group Cuts Stake in General Mills, Inc. (NYSE:GIS)

King Wealth Management Group lowered its stake in shares of General Mills, Inc. (NYSE:GIS) by 8.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,534 shares of the company’s stock after selling 1,100 shares during the quarter. King Wealth Management Group’s holdings in General Mills were worth $926,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of General Mills by 16.3% in the 1st quarter. Vanguard Group Inc. now owns 60,298,880 shares of the company’s stock valued at $4,219,113,000 after purchasing an additional 8,444,312 shares in the last quarter. Capital Research Global Investors boosted its position in shares of General Mills by 22.3% during the 1st quarter. Capital Research Global Investors now owns 13,650,388 shares of the company’s stock worth $955,118,000 after acquiring an additional 2,488,341 shares in the last quarter. Legal & General Group Plc raised its position in shares of General Mills by 6.1% during the 2nd quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock worth $356,151,000 after acquiring an additional 323,090 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in General Mills by 2.8% during the second quarter. Dimensional Fund Advisors LP now owns 5,413,585 shares of the company’s stock worth $342,478,000 after purchasing an additional 148,235 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in General Mills by 100.4% in the second quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock valued at $299,138,000 after purchasing an additional 2,368,563 shares in the last quarter. 75.71% of the stock is currently owned by institutional investors and hedge funds.

General Mills Price Performance

General Mills stock opened at $64.71 on Friday. General Mills, Inc. has a 52-week low of $61.47 and a 52-week high of $75.90. The firm has a fifty day moving average of $71.10 and a 200-day moving average of $68.93. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $35.92 billion, a P/E ratio of 15.41, a PEG ratio of 3.35 and a beta of 0.11.

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

General Mills Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Thursday, October 10th. General Mills’s payout ratio is currently 57.14%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Citigroup raised their price target on General Mills from $68.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Wells Fargo & Company raised their target price on General Mills from $67.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, September 13th. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of General Mills in a report on Thursday, September 19th. JPMorgan Chase & Co. lifted 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. Finally, Piper Sandler lifted their price objective on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $73.00.

Insider Activity at General Mills

In other news, CAO Mark A. Pallot sold 8,083 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $71.28, for a total value of $576,156.24. Following the completion of the sale, the chief accounting officer now directly owns 14,813 shares of the company’s stock, valued at approximately $1,055,870.64. This represents a 35.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pankaj Mn Sharma sold 2,325 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $74.63, for a total value of $173,514.75. Following the completion of the transaction, the insider now directly owns 36,184 shares of the company’s stock, valued at approximately $2,700,411.92. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,555 shares of company stock valued at $4,657,676 over the last three months. 0.26% of the stock is owned by 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.