Citigroup Cuts General Mills (NYSE:GIS) Price Target to $58.00

General Mills (NYSE:GIS) had its price target reduced by Citigroup from $60.00 to $58.00 in a report published on Friday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other equities research analysts have also issued reports on GIS. Wells Fargo & Company lowered their price target on shares of General Mills from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Piper Sandler lowered their target price on shares of General Mills from $84.00 to $71.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. TD Cowen cut their price target on shares of General Mills from $75.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. Stifel Nicolaus cut their target price on shares of General Mills from $72.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. lowered their price target on General Mills from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, General Mills has a consensus rating of “Hold” and a consensus price target of $67.71.

General Mills Stock Performance

Shares of General Mills stock opened at $59.53 on Friday. General Mills has a 12 month low of $55.15 and a 12 month high of $75.90. The company has a current ratio of 0.92, a quick ratio of 0.67 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $32.82 billion, a PE ratio of 12.94, a PEG ratio of 1.94 and a beta of 0.06. The stock’s fifty day simple moving average is $60.10 and its 200 day simple moving average is $65.62.

General Mills (NYSE:GIS) last issued its quarterly earnings data on Wednesday, December 18th. The company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.18. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.14 billion. General Mills had a net margin of 13.08% and a return on equity of 27.55%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the business posted $1.25 earnings per share. On average, research analysts predict that General Mills will post 4.36 EPS for the current year.

General Mills Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Thursday, April 10th. General Mills’s dividend payout ratio is currently 52.17%.

Insider Buying and Selling at General Mills

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

Hedge Funds Weigh In On General Mills

A number of institutional investors and hedge funds have recently bought and sold shares of GIS. Endeavor Private Wealth Inc. bought a new stake in General Mills during the 4th quarter worth approximately $26,000. CBIZ Investment Advisory Services LLC acquired a new position in shares of General Mills during the fourth quarter worth $30,000. Kohmann Bosshard Financial Services LLC acquired a new stake in General Mills in the fourth quarter valued at $31,000. Transce3nd LLC bought a new position in General Mills during the 4th quarter worth $32,000. Finally, VSM Wealth Advisory LLC acquired a new position in General Mills during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 75.71% of the company’s stock.

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.