Danske Bank A S Acquires New Shares in General Mills, Inc. $GIS

Key Points

• Danske Bank A/S acquired 538,303 General Mills shares worth approximately $18.7 million, while institutional investors and hedge funds collectively own 75.71% of the company.
• Analyst sentiment remains cautious: General Mills has an average “Reduce” rating and a consensus price target of $39.16, with 4 Buy, 12 Hold, and 6 Sell ratings.
• General Mills exceeded quarterly earnings expectations with EPS of $0.95 versus the $0.80 consensus and revenue of $4.61 billion. The company also paid a quarterly dividend of $0.61, equivalent to an annualized yield of about 6.1%.

Danske Bank A S bought a new stake in General Mills, Inc. (NYSE:GIS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 538,303 shares of the company's stock, valued at approximately $18,733,000. Danske Bank A S owned approximately 0.10% of General Mills at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of General Mills in the 2nd quarter valued at approximately $2,181,608,000. State Street Corp raised its position in General Mills by 0.4% during the third quarter. State Street Corp now owns 33,717,972 shares of the company's stock valued at $1,700,060,000 after acquiring an additional 145,701 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in General Mills by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,697,919 shares of the company's stock valued at $915,953,000 after acquiring an additional 488,617 shares during the last quarter. Geode Capital Management LLC lifted its stake in General Mills by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 15,197,534 shares of the company's stock valued at $704,170,000 after acquiring an additional 172,200 shares during the last quarter. Finally, Morgan Stanley grew its position in General Mills by 2.1% in the fourth quarter. Morgan Stanley now owns 9,837,490 shares of the company's stock worth $457,443,000 after acquiring an additional 200,043 shares in the last quarter. 75.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GIS. Wells Fargo & Company raised their price target on shares of General Mills from $30.00 to $33.00 and gave the company an "underweight" rating in a report on Thursday, July 2nd. Weiss Ratings raised General Mills from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, July 2nd. UBS Group set a $33.00 price objective on General Mills in a report on Monday, July 6th. BNP Paribas Exane raised their price objective on General Mills from $37.00 to $38.00 and gave the company a "neutral" rating in a research note on Thursday, July 2nd. Finally, TD Cowen reduced their target price on General Mills from $32.00 to $31.00 and set a "hold" rating for the company in a report on Thursday, July 2nd. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and six have given a Sell rating to the company's stock. According to MarketBeat.com, General Mills has an average rating of "Reduce" and a consensus target price of $39.16.

General Mills Stock Down 0.7%

General Mills stock opened at $39.70 on Friday. 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 fifty-two week low of $31.75 and a fifty-two week high of $51.33. The firm has a fifty day moving average price of $36.53 and a two-hundred day moving average price of $37.75. The firm has a market cap of $21.22 billion, a price-to-earnings ratio of -220.54 and a beta of -0.03.

General Mills (NYSE:GIS - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.59 billion. General Mills had a positive return on equity of 21.37% and a negative net margin of 0.48%.The firm's revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business 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 year.

General Mills Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders 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 dividend on an annualized basis and a yield of 6.1%. General Mills's dividend payout ratio (DPR) is -1,355.56%.

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.

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