General Mills, Inc. (GIS) Position Raised by Pinnacle Wealth Management Advisory Group LLC
Pinnacle Wealth Management Advisory Group LLC boosted its stake in General Mills, Inc. (NYSE:GIS) by 12.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,616 shares of the company’s stock after purchasing an additional 2,100 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in General Mills were worth $799,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Macquarie Group Ltd. increased its holdings in shares of General Mills by 1,063.9% in the second quarter. Macquarie Group Ltd. now owns 4,367,847 shares of the company’s stock worth $193,313,000 after acquiring an additional 3,992,581 shares in the last quarter. Hamlin Capital Management LLC acquired a new position in General Mills during the third quarter valued at approximately $48,392,000. Bank of Montreal Can acquired a new position in General Mills during the second quarter valued at approximately $34,120,000. FMR LLC boosted its position in General Mills by 81.3% during the second quarter. FMR LLC now owns 1,563,133 shares of the company’s stock valued at $69,185,000 after purchasing an additional 701,104 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its position in General Mills by 609.0% during the second quarter. Glenmede Trust Co. NA now owns 801,925 shares of the company’s stock valued at $35,494,000 after purchasing an additional 688,816 shares during the last quarter. Institutional investors and hedge funds own 69.06% of the company’s stock.
Several brokerages recently commented on GIS. Royal Bank of Canada reissued a “sector perform” rating and set a $52.00 price target on shares of General Mills in a research report on Monday, September 17th. Morgan Stanley began coverage on General Mills in a research report on Monday, September 17th. They set an “equal weight” rating and a $48.00 price target for the company. Credit Suisse Group set a $46.00 price target on General Mills and gave the company a “hold” rating in a research report on Thursday, September 13th. ValuEngine raised General Mills from a “strong sell” rating to a “sell” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research raised General Mills from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $50.29.
General Mills (NYSE:GIS) last announced its earnings results on Tuesday, September 18th. The company reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.07. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.12 billion. General Mills had a return on equity of 31.84% and a net margin of 13.19%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 earnings per share. Equities research analysts predict that General Mills, Inc. will post 3.07 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Stockholders of record on Thursday, January 10th will be paid a dividend of $0.49 per share. The ex-dividend date is Wednesday, January 9th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.39%. General Mills’s dividend payout ratio (DPR) is currently 63.02%.
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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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