ExodusPoint Capital Management LP Makes New Investment in General Mills, Inc. $GIS

Key Points

• ExodusPoint Capital Management opened a new stake in General Mills during the fourth quarter, buying 536,031 shares valued at about $24.9 million. Institutional investors now own a large majority of the company, with hedge funds and other institutions holding 75.71% of shares.
• Analysts have turned more cautious on GIS, with several firms cutting price targets and the consensus rating sitting at “Reduce”. The average price target is now $39.39, below recent analyst targets from several major banks.
• General Mills reported quarterly earnings of $0.64 per share, missing expectations, while revenue fell 8.4% year over year to $4.44 billion. The stock was trading around $34.41, near its 52-week low and well below its 200-day moving average.

ExodusPoint Capital Management LP purchased a new position in shares of General Mills, Inc. (NYSE:GIS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 536,031 shares of the company's stock, valued at approximately $24,925,000. ExodusPoint Capital Management LP owned 0.10% of General Mills as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of GIS. Norges Bank purchased a new position in General Mills during the fourth quarter worth approximately $361,552,000. Worldquant Millennium Advisors LLC purchased a new position in General Mills during the second quarter worth approximately $84,862,000. Arrowstreet Capital Limited Partnership raised its stake in General Mills by 61.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,141,691 shares of the company's stock worth $192,589,000 after purchasing an additional 1,573,444 shares during the period. Two Sigma Investments LP increased its position in shares of General Mills by 82.8% in the third quarter. Two Sigma Investments LP now owns 3,415,818 shares of the company's stock worth $172,226,000 after acquiring an additional 1,546,993 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of General Mills by 131.7% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,065,086 shares of the company's stock worth $96,026,000 after acquiring an additional 1,173,919 shares in the last quarter. Hedge funds and other institutional investors own 75.71% of the company's stock.

Analysts Set New Price Targets

GIS has been the subject of several recent research reports. Royal Bank Of Canada dropped their price objective on shares of General Mills from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, March 19th. Barclays dropped their price objective on shares of General Mills from $41.00 to $36.00 and set an "equal weight" rating for the company in a research report on Monday, May 11th. Evercore set a $45.00 price objective on shares of General Mills in a research report on Wednesday, February 18th. Piper Sandler lowered their target price on General Mills from $45.00 to $41.00 and set an "overweight" rating for the company in a research note on Wednesday, May 13th. Finally, TD Cowen dropped their target price on General Mills from $45.00 to $37.00 and set a "hold" rating on the stock in a report on Thursday, March 19th. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, General Mills has an average rating of "Reduce" and an average price target of $39.39.

General Mills Stock Performance

General Mills stock opened at $34.41 on Wednesday. General Mills, Inc. has a 12-month low of $31.75 and a 12-month high of $54.18. The company has a market capitalization of $18.37 billion, a price-to-earnings ratio of 8.41 and a beta of -0.03. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.56 and a quick ratio of 0.36. The firm's fifty day moving average price is $34.38 and its 200 day moving average price is $40.77.

General Mills (NYSE:GIS - Get Free Report) last issued its quarterly earnings data on Wednesday, March 18th. The company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.09). The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.53 billion. General Mills had a return on equity of 19.19% and a net margin of 12.05%.The business's quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.12 EPS. On average, research analysts forecast that General Mills, Inc. will post 3.42 EPS for the current fiscal year.

Insider Transactions at General Mills

In other General Mills news, insider Ricardo Fernandez sold 7,995 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $34.50, for a total transaction of $275,827.50. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline Williams-Roll sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $34.27, for a total value of $342,700.00. Following the sale, the insider owned 86,002 shares of the company's stock, valued at approximately $2,947,288.54. This trade represents a 10.42% decrease in their position. The SEC filing for this sale provides additional information. 0.30% of the stock is currently owned by insiders.

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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