Comerica Bank Decreases Holdings in General Mills, Inc. (NYSE:GIS)

Comerica Bank lowered its holdings in General Mills, Inc. (NYSE:GIS) by 3.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 156,867 shares of the company’s stock after selling 6,278 shares during the quarter. Comerica Bank’s holdings in General Mills were worth $10,003,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Barclays PLC boosted its holdings in shares of General Mills by 1.2% in the 3rd quarter. Barclays PLC now owns 1,634,280 shares of the company’s stock valued at $120,691,000 after buying an additional 19,290 shares in the last quarter. World Investment Advisors LLC purchased a new position in shares of General Mills during the third quarter worth about $403,000. Wilmington Savings Fund Society FSB increased its position in shares of General Mills by 138.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 37,487 shares of the company’s stock worth $2,768,000 after purchasing an additional 21,790 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of General Mills by 29.8% in the 3rd quarter. Tidal Investments LLC now owns 53,335 shares of the company’s stock valued at $3,939,000 after purchasing an additional 12,248 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in General Mills by 0.7% during the 3rd quarter. Franklin Resources Inc. now owns 438,014 shares of the company’s stock worth $31,025,000 after buying an additional 2,842 shares during the last quarter. Institutional investors and hedge funds own 75.71% of the company’s stock.

General Mills Price Performance

General Mills stock opened at $55.42 on Friday. The stock has a market capitalization of $30.55 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.94 and a beta of 0.15. General Mills, Inc. has a 12-month low of $55.01 and a 12-month high of $75.90. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.92 and a quick ratio of 0.67. The firm’s 50-day moving average is $58.90 and its two-hundred day moving average is $61.87.

General Mills (NYSE:GIS) last released its earnings results on Wednesday, March 19th. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.96 by $0.04. General Mills had a net margin of 13.08% and a return on equity of 27.55%. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the previous year, the company earned $1.17 EPS. General Mills’s revenue for the quarter was down 5.1% on a year-over-year basis. Equities analysts predict that General Mills, Inc. will post 4.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

GIS has been the subject of several research analyst reports. Barclays decreased their price objective on General Mills from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Tuesday, March 18th. Wells Fargo & Company dropped their price objective 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 price target on General Mills from $84.00 to $71.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price objective on General Mills from $60.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday, March 20th. Finally, Bank of America lowered their target price on General Mills from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $65.00.

Insiders Place Their Bets

In related news, CEO Jeffrey L. Harmening sold 11,379 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 353,346 shares of the company’s stock, valued at approximately $22,967,490. This trade represents a 3.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by corporate insiders.

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.