California Public Employees Retirement System Cuts Position in General Mills, Inc. $GIS

Key Points

• California Public Employees Retirement System cut its General Mills stake by 16.7% in the first quarter, selling 232,415 shares and leaving it with 1,161,935 shares valued at about $43.2 million.
• Several General Mills insiders also sold stock in May, including Jacqueline Williams-Roll and Ricardo Fernandez, while institutional ownership remains high at 75.71%.
• General Mills reported better-than-expected quarterly results, with EPS of $0.95 versus $0.80 expected, and it reaffirmed a quarterly dividend of $0.61 per share, equal to a 6.5% annualized yield.

California Public Employees Retirement System trimmed its stake in General Mills, Inc. (NYSE:GIS - Free Report) by 16.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,161,935 shares of the company's stock after selling 232,415 shares during the period. California Public Employees Retirement System owned 0.22% of General Mills worth $43,247,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GIS. Reflection Asset Management purchased a new position in General Mills in the fourth quarter valued at about $25,000. Nalls Sherbakoff Group LLC purchased a new stake in shares of General Mills during the fourth quarter valued at about $26,000. Brown Shipley& Co Ltd purchased a new stake in shares of General Mills during the first quarter valued at about $26,000. Bruce G. Allen Investments LLC boosted its holdings in shares of General Mills by 139.8% in the 4th quarter. Bruce G. Allen Investments LLC now owns 578 shares of the company's stock valued at $27,000 after buying an additional 337 shares in the last quarter. Finally, Main Street Group LTD bought a new stake in shares of General Mills in the 1st quarter valued at about $27,000. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Jacqueline Williams-Roll sold 10,000 shares of General Mills stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $34.27, for a total transaction of $342,700.00. Following the completion of the sale, the insider directly owned 86,002 shares in the company, valued at approximately $2,947,288.54. The trade was a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ricardo Fernandez sold 7,995 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $34.50, for a total transaction of $275,827.50. Following the sale, the insider directly owned 62,283 shares in the company, valued at $2,148,763.50. This trade represents a 11.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.30% of the company's stock.

General Mills Price Performance

Shares of GIS stock opened at $37.64 on Tuesday. General Mills, Inc. has a fifty-two week low of $31.75 and a fifty-two week high of $51.68. The firm has a market capitalization of $20.09 billion, a price-to-earnings ratio of -209.11 and a beta of -0.03. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.40 and a current ratio of 0.68. The stock's 50-day simple moving average is $34.73 and its 200-day simple moving average is $38.94.

General Mills (NYSE:GIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 1st. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.15. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 earnings per share. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. As a group, equities analysts forecast that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year.

General Mills Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be paid a dividend of $0.61 per share. The ex-dividend date is Friday, July 10th. This represents a $2.44 dividend on an annualized basis and a yield of 6.5%. General Mills's dividend payout ratio is presently -1,355.56%.

Analyst Ratings Changes

GIS has been the subject of several recent analyst reports. The Goldman Sachs Group reiterated a "neutral" rating and set a $36.00 price objective on shares of General Mills in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. raised their target price 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. Jefferies Financial Group lifted their price target on shares of General Mills from $33.00 to $36.00 and gave the stock a "hold" rating in a report on Wednesday, July 1st. Sanford C. Bernstein downgraded General Mills from a "market perform" rating to an "underperform" rating and set a $31.00 price target on the stock. in a research report on Wednesday, June 3rd. Finally, BTIG Research started coverage on General Mills in a research report on Monday, April 13th. They set a "neutral" rating on the stock. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price 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.

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