Frank Rimerman Advisors LLC Purchases New Shares in General Mills, Inc. $GIS

Key Points

• Frank Rimerman Advisors LLC bought 31,672 General Mills shares during the third quarter, worth approximately $1.02 million. Institutional investors collectively own 75.71% of the company.
• Analyst sentiment remains cautious, with 4 Buy, 10 Hold, and 6 Sell ratings; MarketBeat reports an average rating of “Reduce” and a $36.59 price target.
• General Mills exceeded quarterly earnings and revenue expectations, reporting $0.75 in EPS and $4.39 billion in revenue, while declaring a quarterly dividend of $0.61 per share, equivalent to a 7.4% yield.

Frank Rimerman Advisors LLC purchased a new position in shares of General Mills, Inc. (NYSE:GIS - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 31,672 shares of the company's stock, valued at approximately $1,019,000.

A number of other hedge funds have also recently modified their holdings of GIS. BlackRock Inc. bought a new position in General Mills in the 2nd quarter worth $2,181,608,000. Bank of New York Mellon Corp purchased a new position in General Mills during the second quarter valued at $129,298,000. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in General Mills during the second quarter valued at about $126,097,000. Legal & General Group Plc bought a new stake in General Mills during the second quarter valued at about $121,707,000. Finally, Deutsche Bank AG bought a new stake in General Mills during the second quarter valued at about $105,889,000. Institutional investors own 75.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GIS shares. Piper Sandler restated an "overweight" rating on shares of General Mills in a research report on Thursday, September 24th. UBS Group reaffirmed a "sell" rating on shares of General Mills in a research note on Wednesday, September 16th. TD Cowen lifted their price objective on General Mills from $32.00 to $33.00 and gave the company a "hold" rating in a research report on Thursday, September 24th. Evercore set a $38.00 price objective on General Mills in a research note on Monday, September 14th. Finally, Bank of America reiterated a "neutral" rating on shares of General Mills in a research note on Thursday, September 24th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and six have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $36.59.

General Mills Stock Down 0.0%

GIS opened at $33.12 on Monday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.39 and a current ratio of 0.70. General Mills, Inc. has a fifty-two week low of $31.17 and a fifty-two week high of $49.71. The firm's fifty day moving average is $36.40 and its 200 day moving average is $35.67. The stock has a market cap of $17.71 billion, a price-to-earnings ratio of -19.95, a price-to-earnings-growth ratio of 1.80 and a beta of 0.03.

General Mills (NYSE:GIS - Get Free Report) last released its quarterly earnings data on Wednesday, September 23rd. The company reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. General Mills had a positive return on equity of 21.86% and a negative net margin of 4.89%. The firm had revenue of $4.39 billion during the quarter, compared to analyst estimates of $4.35 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The business's quarterly revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts forecast that General Mills, Inc. will post 3.08 earnings per share for the current fiscal year.

General Mills Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Tuesday, October 13th will be paid a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 7.4%. The ex-dividend date is Tuesday, October 13th. General Mills's dividend payout ratio is presently -146.99%.

About General Mills

General Mills, Inc is a global food company that manufactures and markets branded consumer foods. Its portfolio includes cereal, snack foods, refrigerated and baking products, yogurt, soup, meals, and pet food. The company's brands include Cheerios, Cinnamon Toast Crunch, Nature Valley, Betty Crocker, Pillsbury, Yoplait, Old El Paso, Progresso, Annie's, Totino's, Häagen-Dazs, and Blue Buffalo.

General Mills sells products through grocery stores, mass merchandisers, convenience stores, e-commerce channels, restaurants, and other foodservice outlets.

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