Truist Financial Corp Cuts Stock Holdings in General Mills, Inc. $GIS

Truist Financial Corp lowered its stake in shares of General Mills, Inc. (NYSE:GIS) by 2.1% during the second quarter, Holdings Channel reports. The fund owned 363,027 shares of the company’s stock after selling 7,712 shares during the period. Truist Financial Corp’s holdings in General Mills were worth $18,808,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of GIS. Merit Financial Group LLC grew its stake in shares of General Mills by 1.1% during the first quarter. Merit Financial Group LLC now owns 31,689 shares of the company’s stock worth $1,895,000 after purchasing an additional 334 shares in the last quarter. Foster Group Inc. grew its stake in shares of General Mills by 6.8% during the first quarter. Foster Group Inc. now owns 7,689 shares of the company’s stock worth $460,000 after purchasing an additional 492 shares in the last quarter. 626 Financial LLC grew its stake in shares of General Mills by 1.5% during the first quarter. 626 Financial LLC now owns 14,500 shares of the company’s stock worth $867,000 after purchasing an additional 217 shares in the last quarter. Intellectus Partners LLC grew its stake in shares of General Mills by 2.6% during the first quarter. Intellectus Partners LLC now owns 18,987 shares of the company’s stock worth $1,135,000 after purchasing an additional 478 shares in the last quarter. Finally, Procyon Advisors LLC acquired a new position in shares of General Mills during the first quarter worth $345,000. Institutional investors and hedge funds own 75.71% of the company’s stock.

Insider Activity at General Mills

In other news, insider Jacqueline Williams-Roll sold 4,000 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $50.04, for a total value of $200,160.00. Following the completion of the sale, the insider directly owned 66,593 shares of the company’s stock, valued at approximately $3,332,313.72. This represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

General Mills Price Performance

Shares of NYSE:GIS opened at $50.38 on Friday. The company has a 50-day simple moving average of $49.73 and a 200-day simple moving average of $53.05. General Mills, Inc. has a one year low of $48.29 and a one year high of $73.78. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.66. The stock has a market capitalization of $26.87 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 1.27 and a beta of -0.03.

General Mills (NYSE:GIS) last announced its earnings results on Wednesday, September 17th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. General Mills had a net margin of 15.24% and a return on equity of 23.46%. The business had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.52 billion. During the same period in the prior year, the company earned $1.07 earnings per share. The business’s revenue was down 6.8% compared to the same quarter last year. On average, analysts predict that General Mills, Inc. will post 4.36 EPS for the current year.

General Mills Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, October 10th. General Mills’s dividend payout ratio is presently 46.12%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GIS shares. Stifel Nicolaus lowered their target price on shares of General Mills from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday, June 26th. Zacks Research upgraded shares of General Mills from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 2nd. Bernstein Bank decreased their price objective on shares of General Mills from $55.00 to $54.00 and set a “market perform” rating for the company in a research note on Thursday, September 18th. Bank of America decreased their price objective on shares of General Mills from $63.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, June 26th. Finally, Jefferies Financial Group decreased their price objective on shares of General Mills from $51.00 to $50.00 and set a “hold” rating for the company in a research note on Monday, September 8th. Four research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $55.82.

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.