149,288 Shares in General Mills, Inc. $GIS Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 149,288 General Mills shares during the second quarter, valued at approximately $5.2 million. Institutional investors now own 75.71% of the company.
• Analyst sentiment remains cautious: General Mills has an average “Reduce” rating, with 12 Hold and six Sell ratings, and an average price target of $39.16.
• General Mills exceeded quarterly earnings expectations, reporting $0.95 in EPS and $4.61 billion in revenue. The company also maintains a quarterly dividend of $0.61 per share, representing a 6.1% annualized yield.

Bank of Nova Scotia bought a new position in shares of General Mills, Inc. (NYSE:GIS - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 149,288 shares of the company's stock, valued at approximately $5,195,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Compass Financial Management LLC acquired a new position in shares of General Mills during the 2nd quarter worth about $76,000. Elevation Point Wealth Partners LLC acquired a new position in General Mills during the second quarter worth approximately $262,000. Daiichi Life Insurance Co. Ltd. bought a new stake in General Mills in the second quarter valued at approximately $646,000. Commerce Bank acquired a new stake in shares of General Mills in the second quarter valued at approximately $3,355,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of General Mills during the 2nd quarter worth approximately $1,765,000. 75.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GIS. Piper Sandler decreased their price target on shares of General Mills from $45.00 to $41.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 13th. Jefferies Financial Group boosted their price target on General Mills from $33.00 to $36.00 and gave the company a "hold" rating in a research note on Wednesday, July 1st. Zacks Research raised General Mills from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 12th. UBS Group set a $33.00 target price on General Mills in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of General Mills from $31.00 to $35.00 and gave the company an "underweight" rating in a research note on Thursday, July 2nd. Four research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat, General Mills has an average rating of "Reduce" and an average price target of $39.16.

General Mills Stock Down 2.7%

Shares of NYSE GIS opened at $39.80 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.40 and a debt-to-equity ratio of 1.68. The company has a market cap of $21.28 billion, a price-to-earnings ratio of -221.10 and a beta of -0.03. General Mills, Inc. has a 12 month low of $31.75 and a 12 month high of $51.33. The stock has a 50-day moving average price of $36.88 and a two-hundred day moving average price of $37.61.

General Mills (NYSE:GIS - Get Free Report) last posted its 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. The firm had revenue of $4.61 billion for the quarter, compared to analysts' expectations of $4.59 billion. General Mills had a negative net margin of 0.48% and a positive return on equity of 21.37%. The company's revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.53 earnings per share. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. As a group, analysts forecast that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year.

General Mills Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Friday, July 10th were paid 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 6.1%. General Mills's payout ratio is -1,355.56%.

General Mills Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.