Perigon Wealth Management LLC Makes New $839,000 Investment in General Mills, Inc. $GIS

Perigon Wealth Management LLC bought a new position in shares of General Mills, Inc. (NYSE:GIS) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 24,102 shares of the company’s stock, valued at approximately $839,000.

Several other hedge funds have also modified their holdings of the business. Norges Bank purchased a new position in General Mills during the 4th quarter valued at about $361,552,000. Wellington Management Group LLP lifted its holdings in shares of General Mills by 2,970.1% in the fourth quarter. Wellington Management Group LLP now owns 7,466,693 shares of the company’s stock valued at $347,201,000 after purchasing an additional 7,223,487 shares in the last quarter. AQR Capital Management LLC grew its position in shares of General Mills by 366.1% in the fourth quarter. AQR Capital Management LLC now owns 5,117,287 shares of the company’s stock valued at $237,954,000 after purchasing an additional 4,019,319 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of General Mills in the second quarter valued at approximately $129,298,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of General Mills during the 2nd quarter worth approximately $126,097,000. 75.71% of the stock is owned by institutional investors and hedge funds.

General Mills Stock Performance

NYSE GIS opened at $38.17 on Wednesday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.68 and a quick ratio of 0.40. General Mills, Inc. has a 1-year low of $31.75 and a 1-year high of $51.33. The firm has a market capitalization of $20.37 billion, a P/E ratio of -212.07 and a beta of -0.03. The business’s 50-day simple moving average is $36.29 and its 200-day simple moving average is $37.83.

General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, July 1st. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.15. General Mills had a negative net margin of 0.48% and a positive return on equity of 21.37%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.59 billion. During the same period in the prior year, the company earned $0.53 EPS. The firm’s revenue was up 1.2% on a year-over-year basis. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. Equities analysts predict that General Mills, Inc. will post 3.07 EPS for the current year.

General Mills Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were issued a $0.61 dividend. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.44 annualized dividend and a yield of 6.4%. General Mills’s dividend payout ratio is currently -1,355.56%.

Wall Street Analysts Forecast Growth

GIS has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on shares of General Mills from $30.00 to $33.00 and gave the company an “underweight” rating in a research note on Thursday, July 2nd. Morgan Stanley decreased their price target on shares of General Mills from $37.00 to $32.00 and set an “underweight” rating on the stock in a research note on Friday, June 5th. UBS Group set a $33.00 price target on shares of General Mills in a report on Monday, July 6th. TD Cowen cut their price objective on shares of General Mills from $32.00 to $31.00 and set a “hold” rating for the company in a research report on Thursday, July 2nd. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $36.00 price objective on shares of General Mills in a research note on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $39.16.

General Mills Profile

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.