Mirae Asset Global Investments Co. Ltd. Acquires 654,993 Shares of General Mills, Inc. $GIS

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of General Mills, Inc. (NYSE:GIS) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 654,993 shares of the company’s stock, valued at approximately $21,065,000.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in General Mills during the second quarter valued at $2,181,608,000. Bank of New York Mellon Corp acquired a new stake in General Mills during the 2nd quarter worth about $129,298,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in General Mills during the 2nd quarter worth about $126,097,000. Legal & General Group Plc bought a new position in shares of General Mills in the 2nd quarter worth about $121,707,000. Finally, Deutsche Bank AG bought a new position in shares of General Mills in the 2nd quarter worth about $105,889,000. Institutional investors own 75.71% of the company’s stock.

General Mills Trading Up 1.4%

NYSE:GIS opened at $34.77 on Tuesday. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.66. The stock has a market capitalization of $18.59 billion, a price-to-earnings ratio of -20.95, a PEG ratio of 1.79 and a beta of 0.03. The firm has a fifty day simple moving average of $35.30 and a two-hundred day simple moving average of $37.56. General Mills, Inc. has a 12 month low of $31.17 and a 12 month high of $49.59.

General Mills (NYSE:GIS) last posted its quarterly earnings results on Wednesday, September 23rd. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.03. General Mills had a negative net margin of 4.89% and a positive return on equity of 21.86%. The firm had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.35 billion. During the same period in the previous year, the firm posted $0.86 earnings per share. The business’s revenue was down 2.8% compared to the same quarter last year. Analysts expect that General Mills, Inc. will post 3.08 EPS for the current fiscal year.

General Mills Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Tuesday, October 13th were paid a $0.61 dividend. The ex-dividend date was Tuesday, October 13th. This represents a $2.44 annualized dividend and a dividend yield of 7.0%. General Mills’s dividend payout ratio (DPR) is currently -146.99%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GIS. Bank of America reissued a “neutral” rating on shares of General Mills in a research note on Thursday, September 24th. Weiss Ratings raised General Mills from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday. UBS Group reiterated a “sell” rating on shares of General Mills in a report on Wednesday, September 16th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $45.00 target price on shares of General Mills in a report on Monday, September 21st. Finally, Barclays boosted their price target on General Mills from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Friday, September 25th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $36.59.

General Mills Company Profile

General Mills, Inc is a global food company that manufactures and markets branded consumer foods. Its portfolio includes cereal, snack foods, refrigerated and baking products, yogurt, soup, meals, and pet food. The company’s brands include Cheerios, Cinnamon Toast Crunch, Nature Valley, Betty Crocker, Pillsbury, Yoplait, Old El Paso, Progresso, Annie’s, Totino’s, Häagen-Dazs, and Blue Buffalo.

General Mills sells products through grocery stores, mass merchandisers, convenience stores, e-commerce channels, restaurants, and other foodservice outlets.