Bank of America Cuts General Mills (NYSE:GIS) Price Target to $36.00

General Mills (NYSE:GIS) had its price target dropped by Bank of America from $42.00 to $36.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 6.60% from the company’s previous close.

Several other brokerages have also recently commented on GIS. Royal Bank Of Canada decreased their price target on shares of General Mills from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Zacks Research downgraded shares of General Mills from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. BTIG Research began coverage on shares of General Mills in a report on Monday, April 13th. They issued a “neutral” rating on the stock. Stifel Nicolaus reduced their target price on shares of General Mills from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 21st. Finally, Piper Sandler reduced their target price on shares of General Mills from $45.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, General Mills presently has a consensus rating of “Reduce” and an average target price of $41.78.

General Mills Stock Up 1.8%

Shares of GIS stock opened at $33.77 on Thursday. The stock has a market cap of $18.02 billion, a P/E ratio of 8.26 and a beta of -0.02. General Mills has a 52 week low of $32.64 and a 52 week high of $55.19. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 1.17. The company’s fifty day simple moving average is $35.39 and its two-hundred day simple moving average is $42.12.

General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, March 18th. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.09). The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.53 billion. General Mills had a return on equity of 19.19% and a net margin of 12.05%.The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.12 EPS. Analysts predict that General Mills will post 3.43 EPS for the current fiscal year.

Insider Transactions at General Mills

In related news, insider Ricardo Fernandez sold 7,995 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $34.50, for a total transaction of $275,827.50. Following the transaction, the insider directly owned 62,283 shares in the company, valued at approximately $2,148,763.50. This represents a 11.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline Williams-Roll sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $34.27, for a total transaction of $342,700.00. Following the transaction, the insider owned 86,002 shares in the company, valued at $2,947,288.54. The trade was a 10.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On General Mills

Hedge funds have recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC bought a new position in General Mills during the 3rd quarter valued at about $25,000. Reflection Asset Management bought a new position in General Mills during the 4th quarter valued at about $25,000. Close Asset Management Ltd bought a new position in General Mills during the 3rd quarter valued at about $28,000. Nalls Sherbakoff Group LLC bought a new position in General Mills during the 4th quarter valued at about $26,000. Finally, Bruce G. Allen Investments LLC grew its holdings in General Mills by 139.8% during the 4th quarter. Bruce G. Allen Investments LLC now owns 578 shares of the company’s stock valued at $27,000 after purchasing an additional 337 shares during the last quarter. 75.71% of the stock is currently owned by institutional investors.

General Mills Company Profile

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.