Manning & Napier Group LLC Has $6.94 Million Stake in General Mills, Inc. (GIS)
Manning & Napier Group LLC increased its stake in shares of General Mills, Inc. (NYSE:GIS) by 10.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 161,706 shares of the company’s stock after acquiring an additional 14,856 shares during the quarter. Manning & Napier Group LLC’s holdings in General Mills were worth $6,939,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC increased its position in General Mills by 23.8% during the second quarter. Sequoia Financial Advisors LLC now owns 5,721 shares of the company’s stock worth $253,000 after acquiring an additional 1,100 shares during the period. LexAurum Advisors LLC increased its holdings in General Mills by 15.5% in the 2nd quarter. LexAurum Advisors LLC now owns 8,236 shares of the company’s stock valued at $365,000 after buying an additional 1,105 shares during the period. Excalibur Management Corp increased its holdings in General Mills by 5.1% in the 2nd quarter. Excalibur Management Corp now owns 23,328 shares of the company’s stock valued at $1,032,000 after buying an additional 1,139 shares during the period. Atria Investments LLC increased its holdings in General Mills by 2.1% in the 2nd quarter. Atria Investments LLC now owns 58,403 shares of the company’s stock valued at $2,585,000 after buying an additional 1,200 shares during the period. Finally, Navellier & Associates Inc increased its holdings in General Mills by 6.1% in the 1st quarter. Navellier & Associates Inc now owns 21,060 shares of the company’s stock valued at $949,000 after buying an additional 1,218 shares during the period. 70.63% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of General Mills from a “hold” rating to a “sell” rating in a report on Tuesday, August 28th. UBS Group set a $46.00 price target on shares of General Mills and gave the company a “hold” rating in a report on Wednesday, September 19th. Morgan Stanley assumed coverage on shares of General Mills in a report on Monday, September 17th. They issued an “equal weight” rating and a $48.00 price target on the stock. Credit Suisse Group set a $46.00 price target on shares of General Mills and gave the company a “hold” rating in a report on Thursday, September 13th. Finally, Bank of America reissued a “hold” rating and issued a $49.00 price target on shares of General Mills in a report on Wednesday, June 27th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have assigned a buy rating to the company’s stock. General Mills has a consensus rating of “Hold” and a consensus target price of $50.29.
General Mills (NYSE:GIS) last posted its earnings results on Tuesday, September 18th. The company reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.07. General Mills had a net margin of 13.19% and a return on equity of 31.84%. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same quarter in the prior year, the firm earned $0.71 EPS. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. Analysts expect that General Mills, Inc. will post 3.07 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be issued a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 4.55%. The ex-dividend date is Tuesday, October 9th. General Mills’s payout ratio is 63.02%.
In other news, Director Maria Sastre bought 1,000 shares of the stock in a transaction dated Monday, August 20th. The shares were acquired at an average price of $47.37 per share, with a total value of $47,370.00. Following the acquisition, the director now owns 1,000 shares in the company, valued at $47,370. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kofi A. Bruce sold 2,200 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $47.28, for a total transaction of $104,016.00. Following the completion of the sale, the insider now directly owns 19,660 shares in the company, valued at approximately $929,524.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,708 shares of company stock worth $3,147,252. 0.59% of the stock is owned by insiders.
About General Mills
General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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