CIBC Asset Management Inc Raises Holdings in General Mills, Inc. (NYSE:GIS)

CIBC Asset Management Inc lifted its stake in General Mills, Inc. (NYSE:GIS) by 5.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,370 shares of the company’s stock after acquiring an additional 5,371 shares during the period. CIBC Asset Management Inc’s holdings in General Mills were worth $7,117,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in GIS. Values First Advisors Inc. bought a new position in shares of General Mills in the 3rd quarter worth $27,000. First Foundation Advisors raised its position in shares of General Mills by 400.0% in the 2nd quarter. First Foundation Advisors now owns 500 shares of the company’s stock worth $32,000 after acquiring an additional 400 shares in the last quarter. Planning Capital Management Corp raised its position in shares of General Mills by 61.5% in the 3rd quarter. Planning Capital Management Corp now owns 507 shares of the company’s stock worth $37,000 after acquiring an additional 193 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in General Mills during the 2nd quarter valued at about $38,000. Finally, Beacon Capital Management LLC increased its position in General Mills by 47.5% during the 1st quarter. Beacon Capital Management LLC now owns 559 shares of the company’s stock valued at $39,000 after buying an additional 180 shares in the last quarter. 75.71% of the stock is owned by institutional investors.

General Mills Stock Down 2.3 %

Shares of GIS opened at $63.21 on Monday. General Mills, Inc. has a 52 week low of $61.47 and a 52 week high of $75.90. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $35.09 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 3.25 and a beta of 0.11. The stock’s 50-day moving average price is $70.67 and its 200-day moving average price is $68.84.

General Mills (NYSE:GIS) last issued its earnings results on Wednesday, September 18th. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. The company’s revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts predict that General Mills, Inc. will post 4.51 EPS for the current year.

General Mills Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.80%. The ex-dividend date was Thursday, October 10th. General Mills’s payout ratio is currently 57.14%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GIS shares. Citigroup upped their target price on General Mills from $68.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Stifel Nicolaus upped their target price on General Mills from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. The Goldman Sachs Group started coverage on General Mills in a research report on Monday, August 12th. They set a “buy” rating and a $76.00 target price on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of General Mills in a research report on Thursday, September 19th. Finally, Piper Sandler upped their target price on General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $72.67.

Insider Buying and Selling at General Mills

In other General Mills news, CEO Jeffrey L. Harmening sold 46,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total value of $3,190,365.00. Following the sale, the chief executive officer now directly owns 355,328 shares of the company’s stock, valued at approximately $24,379,054.08. This trade represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Pankaj Mn Sharma sold 2,325 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.63, for a total value of $173,514.75. Following the completion of the sale, the insider now directly owns 36,184 shares in the company, valued at approximately $2,700,411.92. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,555 shares of company stock valued at $4,657,676. Company insiders own 0.26% of the company’s stock.

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.