Brophy Wealth Management LLC Takes Position in General Mills, Inc. (NYSE:GIS)

Brophy Wealth Management LLC acquired a new stake in General Mills, Inc. (NYSE:GIS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,990 shares of the company’s stock, valued at approximately $442,000.

A number of other hedge funds have also made changes to their positions in the business. State Street Corp boosted its position in shares of General Mills by 9.4% in the 3rd quarter. State Street Corp now owns 33,502,737 shares of the company’s stock valued at $2,474,177,000 after purchasing an additional 2,867,678 shares during the period. American Century Companies Inc. boosted its position in shares of General Mills by 100.4% in the 2nd quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock valued at $299,138,000 after purchasing an additional 2,368,563 shares during the period. Wulff Hansen & CO. boosted its position in shares of General Mills by 6,140.4% in the 2nd quarter. Wulff Hansen & CO. now owns 945,421 shares of the company’s stock valued at $59,807,000 after purchasing an additional 930,271 shares during the period. International Assets Investment Management LLC boosted its position in shares of General Mills by 6,114.0% in the 3rd quarter. International Assets Investment Management LLC now owns 450,451 shares of the company’s stock valued at $33,266,000 after purchasing an additional 443,202 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of General Mills by 6.1% in the 2nd quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock valued at $356,151,000 after purchasing an additional 323,090 shares during the period. Hedge funds and other institutional investors own 75.71% of the company’s stock.

General Mills Stock Up 0.4 %

GIS opened at $66.15 on Wednesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.66 and a quick ratio of 0.39. The business has a 50 day simple moving average of $67.80 and a 200-day simple moving average of $68.26. The stock has a market capitalization of $36.72 billion, a P/E ratio of 15.75, a P/E/G ratio of 3.39 and a beta of 0.10. General Mills, Inc. has a 12 month low of $61.47 and a 12 month high of $75.90.

General Mills (NYSE:GIS) last posted its quarterly earnings results on Wednesday, September 18th. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.06 by $0.01. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the firm earned $1.09 EPS. On average, equities analysts anticipate that General Mills, Inc. will post 4.5 earnings per share for the current fiscal year.

General Mills Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Friday, January 10th. General Mills’s payout ratio is currently 57.14%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on General Mills from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 price objective on shares of General Mills in a research report on Thursday, September 19th. TD Cowen increased their price objective on General Mills from $72.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Citigroup increased their price objective on General Mills from $68.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. Finally, Piper Sandler increased their price objective on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $72.67.

Insider Activity at General Mills

In related news, insider Jonathon Nudi sold 9,647 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $74.39, for a total value of $717,640.33. Following the completion of the transaction, the insider now directly owns 128,664 shares of the company’s stock, valued at $9,571,314.96. This trade represents a 6.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark A. Pallot sold 8,083 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $71.28, for a total value of $576,156.24. Following the completion of the transaction, the chief accounting officer now directly owns 14,813 shares of the company’s stock, valued at $1,055,870.64. The trade was a 35.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,555 shares of company stock valued at $4,721,336 in the last ninety days. Corporate insiders own 0.26% of the company’s stock.

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.