General Mills (NYSE:GIS) CEO Jeffrey L. Harmening acquired 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 23rd. The stock was purchased at an average price of $42.18 per share, for a total transaction of $253,080.00. Following the purchase, the chief executive officer now owns 114,696 shares of the company’s stock, valued at approximately $4,837,877.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Shares of General Mills stock traded up $0.40 during trading on Friday, hitting $42.60. The stock had a trading volume of 166,359 shares, compared to its average volume of 4,697,571. The stock has a market cap of $24.06 billion, a P/E ratio of 13.82, a PEG ratio of 1.84 and a beta of 0.76. General Mills has a 12 month low of $41.01 and a 12 month high of $60.69. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.45 and a current ratio of 0.69.
General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, March 21st. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.01. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.87 billion. General Mills had a net margin of 13.96% and a return on equity of 37.64%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. sell-side analysts predict that General Mills will post 3.07 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th were issued a $0.49 dividend. The ex-dividend date was Monday, April 9th. This represents a $1.96 annualized dividend and a dividend yield of 4.60%. General Mills’s payout ratio is currently 63.64%.
General Mills declared that its board has authorized a stock repurchase program on Friday, February 23rd that permits the company to repurchase outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
GIS has been the topic of several research analyst reports. Zacks Investment Research downgraded General Mills from a “hold” rating to a “sell” rating in a research note on Tuesday, April 17th. Credit Suisse Group reiterated a “hold” rating and issued a $55.00 price objective on shares of General Mills in a research note on Tuesday, March 20th. ValuEngine downgraded General Mills from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Barclays reiterated a “hold” rating and issued a $48.00 price objective on shares of General Mills in a research note on Friday, March 23rd. Finally, UBS dropped their price objective on General Mills from $58.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, March 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company. General Mills currently has an average rating of “Hold” and an average target price of $52.82.
Several institutional investors have recently added to or reduced their stakes in GIS. Schwab Charles Investment Management Inc. increased its holdings in shares of General Mills by 5.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,089,093 shares of the company’s stock worth $183,153,000 after purchasing an additional 151,513 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in shares of General Mills by 7.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 25,437 shares of the company’s stock worth $1,508,000 after purchasing an additional 1,802 shares during the period. First Manhattan Co. increased its holdings in shares of General Mills by 5.7% in the fourth quarter. First Manhattan Co. now owns 132,565 shares of the company’s stock worth $7,859,000 after purchasing an additional 7,167 shares during the period. Ascension Asset Management LLC bought a new position in shares of General Mills in the fourth quarter worth $1,439,000. Finally, Field & Main Bank bought a new position in shares of General Mills in the fourth quarter worth $249,000. 74.65% of the stock is currently owned by hedge funds and other institutional investors.
About General Mills
General Mills, Inc manufactures and markets branded consumer foods in the United States. The company operates in four segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, shelf stable and frozen vegetables, and ice cream and frozen desserts, as well as grain, fruit and savory snacks; and various organic products, including nutrition bars, meal kits, salty snacks, and ready-to-eat cereal.
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