Bank of America Corp DE Trims Stock Position in General Mills, Inc. $GIS

Key Points

• Bank of America reduced its General Mills stake by 4.9% in the first quarter, selling 207,583 shares and retaining 4.05 million shares valued at approximately $150.9 million. Institutional investors collectively own 75.71% of GIS.
• General Mills reported quarterly earnings of $0.95 per share, exceeding the $0.80 consensus estimate, while revenue reached $4.61 billion. The company also declared a $0.61 quarterly dividend, representing a 6.8% annualized yield.
• Analyst sentiment remains cautious, with General Mills carrying an average “Reduce” rating and a consensus price target of $39.16 versus the reported share price of $35.92.

Bank of America Corp DE lessened its stake in shares of General Mills, Inc. (NYSE:GIS - Free Report) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,054,369 shares of the company's stock after selling 207,583 shares during the quarter. Bank of America Corp DE owned about 0.76% of General Mills worth $150,904,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of GIS. Schwarz Dygos Wheeler Investment Advisors LLC grew its holdings in General Mills by 1.9% in the fourth quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 12,153 shares of the company's stock valued at $565,000 after purchasing an additional 225 shares during the period. Allegheny Financial Group raised its holdings in shares of General Mills by 4.8% during the 4th quarter. Allegheny Financial Group now owns 4,904 shares of the company's stock valued at $228,000 after buying an additional 226 shares during the period. Stonebridge Capital Advisors LLC lifted its position in shares of General Mills by 0.7% during the second quarter. Stonebridge Capital Advisors LLC now owns 32,843 shares of the company's stock worth $1,702,000 after purchasing an additional 226 shares in the last quarter. Robertson Stephens Wealth Management LLC lifted its holdings in General Mills by 3.7% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 6,879 shares of the company's stock worth $320,000 after buying an additional 247 shares in the last quarter. Finally, Montag A & Associates Inc. boosted its holdings in General Mills by 5.7% in the fourth quarter. Montag A & Associates Inc. now owns 4,648 shares of the company's stock valued at $216,000 after purchasing an additional 249 shares during the last quarter. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

General Mills Stock Performance

Shares of General Mills stock opened at $35.92 on Thursday. The company has a quick ratio of 0.40, a current ratio of 0.68 and a debt-to-equity ratio of 1.68. General Mills, Inc. has a 12 month low of $31.75 and a 12 month high of $51.33. The business has a fifty day simple moving average of $35.45 and a 200-day simple moving average of $38.25. The stock has a market cap of $19.17 billion, a PE ratio of -199.54 and a beta of -0.03.

General Mills (NYSE:GIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 1st. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.80 by $0.15. The business had revenue of $4.61 billion during 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 firm's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. On average, sell-side analysts anticipate that General Mills, Inc. will post 3.07 EPS for the current fiscal year.

General Mills Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors 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 dividend yield of 6.8%. General Mills's payout ratio is presently -1,355.56%.

Wall Street Analysts Forecast Growth

GIS has been the topic of a number of research analyst reports. Stifel Nicolaus reduced their price objective on shares of General Mills from $44.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. Bank of America boosted their price objective on General Mills from $36.00 to $39.00 and gave the company a "neutral" rating in a research report on Thursday, July 2nd. Morgan Stanley decreased their target price on shares of General Mills from $37.00 to $32.00 and set an "underweight" rating for the company in a research report on Friday, June 5th. Weiss Ratings raised General Mills from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company raised their price objective 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. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat.com, General Mills has an average rating of "Reduce" and a consensus target price of $39.16.

Insider Buying and Selling at General Mills

In related news, insider Ricardo Fernandez sold 7,995 shares of General Mills stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $34.50, for a total value of $275,827.50. Following the transaction, the insider owned 62,283 shares in the company, valued at $2,148,763.50. This trade represents a 11.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline Williams-Roll sold 10,000 shares of General Mills stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $34.27, for a total value of $342,700.00. Following the completion of the transaction, the insider owned 86,002 shares in the company, valued at $2,947,288.54. The trade was a 10.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.30% of the company's stock.

About General Mills

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source