Municipal Employees Retirement System of Michigan continued to hold its stake in General Mills, Inc. (NYSE:GIS) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,590 shares of the company’s stock at the end of the first quarter. Municipal Employees Retirement System of Michigan’s holdings in General Mills were worth $2,041,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in GIS. American Century Companies Inc. raised its position in shares of General Mills by 3.1% in the first quarter. American Century Companies Inc. now owns 9,086,471 shares of the company’s stock valued at $536,193,000 after buying an additional 269,906 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of General Mills by 26.1% in the first quarter. Bank of New York Mellon Corp now owns 7,013,411 shares of the company’s stock valued at $413,862,000 after buying an additional 1,449,632 shares in the last quarter. APG Asset Management N.V. raised its position in shares of General Mills by 0.6% in the first quarter. APG Asset Management N.V. now owns 4,728,629 shares of the company’s stock valued at $279,036,000 after buying an additional 26,500 shares in the last quarter. Schroder Investment Management Group raised its position in shares of General Mills by 17.0% in the first quarter. Schroder Investment Management Group now owns 4,541,794 shares of the company’s stock valued at $268,283,000 after buying an additional 660,726 shares in the last quarter. Finally, Swiss National Bank raised its position in shares of General Mills by 16.8% in the first quarter. Swiss National Bank now owns 3,206,616 shares of the company’s stock valued at $189,222,000 after buying an additional 461,500 shares in the last quarter. 70.97% of the stock is owned by hedge funds and other institutional investors.
General Mills, Inc. (NYSE:GIS) opened at 56.59 on Friday. The company has a 50-day moving average of $55.00 and a 200-day moving average of $57.96. General Mills, Inc. has a 52 week low of $53.24 and a 52 week high of $71.96. The company has a market capitalization of $32.66 billion, a PE ratio of 20.43 and a beta of 0.61.
General Mills (NYSE:GIS) last posted its earnings results on Wednesday, June 28th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.02. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.75 billion. General Mills had a return on equity of 38.97% and a net margin of 10.61%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 earnings per share. On average, equities research analysts anticipate that General Mills, Inc. will post $3.11 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Thursday, July 6th. This is a positive change from General Mills’s previous quarterly dividend of $0.48. General Mills’s dividend payout ratio is currently 70.76%.
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Several research firms have recently weighed in on GIS. UBS AG reiterated a “neutral” rating and issued a $61.00 price objective (down from $63.00) on shares of General Mills in a research note on Wednesday, June 21st. Piper Jaffray Companies set a $56.00 target price on General Mills and gave the stock a “sell” rating in a report on Monday, August 7th. BidaskClub raised General Mills from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. BMO Capital Markets reissued a “hold” rating on shares of General Mills in a report on Tuesday, August 8th. Finally, Susquehanna Bancshares Inc set a $59.00 price objective on General Mills and gave the stock a “hold” rating in a report on Sunday, June 25th. Six analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the company. General Mills has a consensus rating of “Hold” and a consensus 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.
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