Pinnacle Associates Ltd. Lowers Position in General Mills, Inc. (NYSE:GIS)

Pinnacle Associates Ltd. reduced its stake in shares of General Mills, Inc. (NYSE:GIS) by 4.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 88,350 shares of the company’s stock after selling 4,475 shares during the period. Pinnacle Associates Ltd.’s holdings in General Mills were worth $5,214,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dodge & Cox bought a new position in General Mills during the fourth quarter valued at about $692,000. Access Financial Services Inc. bought a new position in General Mills during the fourth quarter valued at about $1,000,000. Norges Bank bought a new position in General Mills during the fourth quarter valued at about $297,782,000. Sowell Financial Services LLC bought a new position in General Mills during the fourth quarter valued at about $715,000. Finally, Willis Investment Counsel boosted its position in General Mills by 5.8% in the fourth quarter. Willis Investment Counsel now owns 179,500 shares of the company’s stock valued at $11,088,000 after buying an additional 9,800 shares in the last quarter. 70.40% of the stock is currently owned by institutional investors.

General Mills, Inc. (NYSE:GIS) opened at 53.67 on Wednesday. The firm has a market capitalization of $30.97 billion, a P/E ratio of 19.38 and a beta of 0.61. General Mills, Inc. has a 1-year low of $53.24 and a 1-year high of $72.70. The stock has a 50 day moving average of $56.80 and a 200-day moving average of $59.47.

General Mills (NYSE:GIS) last issued its quarterly earnings results on Wednesday, June 28th. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.02. General Mills had a net margin of 10.61% and a return on equity of 38.97%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same period in the previous year, the business earned $0.66 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that General Mills, Inc. will post $3.11 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be paid a $0.49 dividend. This is a positive change from General Mills’s previous quarterly dividend of $0.48. This represents a $1.96 annualized dividend and a yield of 3.65%. The ex-dividend date is Thursday, July 6th. General Mills’s payout ratio is presently 70.76%.

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Several research analysts have issued reports on the company. Sanford C. Bernstein cut General Mills from a “market perform” rating to an “underperform” rating and set a $52.00 price target on the stock. in a report on Tuesday, March 21st. Royal Bank Of Canada cut their target price on shares of General Mills from $66.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 22nd. Stifel Nicolaus downgraded shares of General Mills from a “buy” rating to a “hold” rating and cut their target price for the company from $67.00 to $60.00 in a research note on Wednesday, March 22nd. BMO Capital Markets reissued a “hold” rating and set a $67.00 target price on shares of General Mills in a research note on Wednesday, March 22nd. Finally, Zacks Investment Research raised shares of General Mills from a “sell” rating to a “hold” rating in a research note on Monday, March 27th. Seven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $59.93.

About General Mills

General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, International, and Convenience Stores and Foodservice.

Institutional Ownership by Quarter for General Mills (NYSE:GIS)

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