AlTi Global Inc. Grows Stake in General Mills, Inc. $GIS

AlTi Global Inc. raised its stake in General Mills, Inc. (NYSE:GIS) by 6.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,424 shares of the company’s stock after acquiring an additional 334 shares during the quarter. AlTi Global Inc.’s holdings in General Mills were worth $281,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GIS. Charles Schwab Investment Management Inc. boosted its stake in General Mills by 434.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 19,041,194 shares of the company’s stock valued at $1,138,473,000 after acquiring an additional 15,480,835 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in General Mills in the first quarter valued at about $279,570,000. Pacer Advisors Inc. boosted its stake in General Mills by 4,775.2% in the first quarter. Pacer Advisors Inc. now owns 3,443,981 shares of the company’s stock valued at $205,916,000 after acquiring an additional 3,373,338 shares during the last quarter. Nuveen LLC purchased a new position in General Mills in the first quarter valued at about $92,717,000. Finally, Federated Hermes Inc. boosted its stake in General Mills by 178.1% in the first quarter. Federated Hermes Inc. now owns 1,520,449 shares of the company’s stock valued at $90,908,000 after acquiring an additional 973,798 shares during the last quarter. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Barclays dropped their target price on shares of General Mills from $54.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, September 19th. UBS Group dropped their price target on shares of General Mills from $49.00 to $47.00 and set a “sell” rating on the stock in a research note on Thursday, September 18th. Wall Street Zen upgraded shares of General Mills from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Jefferies Financial Group dropped their price target on shares of General Mills from $51.00 to $50.00 and set a “hold” rating on the stock in a research note on Monday, September 8th. Finally, Bernstein Bank dropped their price target on shares of General Mills from $55.00 to $54.00 and set a “market perform” rating on the stock in a research note on Thursday, September 18th. Four equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, General Mills has a consensus rating of “Hold” and an average price target of $55.82.

General Mills Stock Down 1.1%

GIS opened at $47.42 on Friday. The company has a fifty day moving average price of $49.53 and a 200-day moving average price of $51.97. The firm has a market capitalization of $25.30 billion, a P/E ratio of 8.96, a price-to-earnings-growth ratio of 1.20 and a beta of -0.03. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.40. General Mills, Inc. has a one year low of $47.27 and a one year high of $68.96.

General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, September 17th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates 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 15.24% and a return on equity of 23.46%. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 EPS. Equities research analysts expect that General Mills, Inc. will post 4.36 earnings per share for the current fiscal year.

General Mills Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Friday, October 10th. General Mills’s payout ratio is 46.12%.

Insider Activity at General Mills

In other news, insider Jacqueline Williams-Roll sold 4,000 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $50.04, for a total transaction of $200,160.00. Following the completion of the transaction, the insider directly owned 66,593 shares in the company, valued at $3,332,313.72. The trade was a 5.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company 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.