NorthCrest Asset Manangement LLC Boosts Stock Holdings in General Mills, Inc. $GIS

NorthCrest Asset Manangement LLC grew its holdings in General Mills, Inc. (NYSE:GIS) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 222,315 shares of the company’s stock after purchasing an additional 5,690 shares during the period. NorthCrest Asset Manangement LLC’s holdings in General Mills were worth $11,816,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Kera Capital Partners Inc. purchased a new position in shares of General Mills in the second quarter valued at $222,000. Victory Capital Management Inc. lifted its holdings in shares of General Mills by 7.3% in the first quarter. Victory Capital Management Inc. now owns 522,576 shares of the company’s stock worth $31,245,000 after buying an additional 35,494 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in General Mills by 7.8% during the first quarter. Commonwealth Equity Services LLC now owns 452,844 shares of the company’s stock valued at $27,076,000 after acquiring an additional 32,628 shares in the last quarter. Rock Point Advisors LLC bought a new stake in General Mills during the 1st quarter worth approximately $3,610,000. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its stake in General Mills by 126.1% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 774,134 shares of the company’s stock worth $46,285,000 after purchasing an additional 431,693 shares in the last quarter. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

General Mills Stock Down 0.8%

NYSE:GIS opened at $49.18 on Thursday. General Mills, Inc. has a 1-year low of $48.29 and a 1-year high of $75.66. The firm’s 50-day moving average price is $49.83 and its 200-day moving average price is $53.99. The company has a market capitalization of $26.68 billion, a PE ratio of 12.00, a P/E/G ratio of 1.25 and a beta of -0.02. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.67 and a quick ratio of 0.43.

General Mills (NYSE:GIS) last released its earnings results on Wednesday, September 17th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.04. The firm had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.52 billion. General Mills had a net margin of 11.78% and a return on equity of 24.88%. The business’s revenue was down 6.8% on a year-over-year basis. During the same period last year, the business earned $1.07 earnings per share. On average, equities analysts predict that General Mills, Inc. will post 4.36 EPS for the current fiscal year.

General Mills Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a $0.61 dividend. This is an increase from General Mills’s previous quarterly dividend of $0.60. This represents a $2.44 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Thursday, July 10th. General Mills’s payout ratio is currently 59.51%.

Analyst Ratings Changes

Several brokerages have recently commented on GIS. Royal Bank Of Canada raised General Mills from a “sector perform” rating to an “outperform” rating and cut their price objective for the stock from $67.00 to $63.00 in a report on Thursday, June 26th. Wells Fargo & Company set a $53.00 price target on shares of General Mills and gave the stock an “equal weight” rating in a research note on Thursday, June 26th. Stifel Nicolaus lowered their price objective on shares of General Mills from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Thursday, June 26th. Bank of America cut their target price on shares of General Mills from $63.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, June 26th. Finally, UBS Group lowered their price target on General Mills from $52.00 to $49.00 and set a “sell” rating on the stock in a research report on Thursday, June 26th. Four equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $58.93.

General Mills Profile

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.