General Mills, Inc. $GIS Position Lowered by ProShare Advisors LLC

Key Points

• ProShare Advisors cut its General Mills stake by 49.8% in the third quarter, selling 95,244 shares and retaining 95,996 shares valued at about $3.1 million.
• General Mills reported quarterly adjusted earnings of $0.75 per share and revenue of $4.39 billion, both above analyst estimates, although revenue fell 2.8% year over year.
• The company paid a quarterly dividend of $0.61 per share, equivalent to an annualized yield of 6.7%. Analysts’ average rating was “Reduce,” with a consensus price target of $36.59.

ProShare Advisors LLC cut its stake in shares of General Mills, Inc. (NYSE:GIS - Free Report) by 49.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 95,996 shares of the company's stock after selling 95,244 shares during the period. ProShare Advisors LLC's holdings in General Mills were worth $3,087,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in GIS. BlackRock Inc. acquired a new stake in shares of General Mills during the 2nd quarter valued at $2,181,608,000. Dimensional Fund Advisors LP increased its stake in shares of General Mills by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,672,503 shares of the company's stock worth $248,344,000 after acquiring an additional 143,265 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of General Mills by 1.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,200,299 shares of the company's stock worth $156,335,000 after acquiring an additional 58,608 shares in the last quarter. HighTower Advisors LLC raised its holdings in shares of General Mills by 41.0% during the second quarter. HighTower Advisors LLC now owns 4,140,772 shares of the company's stock worth $144,099,000 after acquiring an additional 1,203,993 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in General Mills by 30.4% during the first quarter. First Trust Advisors LP now owns 3,591,408 shares of the company's stock valued at $133,672,000 after purchasing an additional 836,286 shares during the last quarter. Institutional investors and hedge funds own 75.71% of the company's stock.

General Mills Trading Up 1.9%

Shares of NYSE:GIS opened at $36.52 on Friday. The stock has a market capitalization of $19.53 billion and a PE ratio of -22.00. General Mills, Inc. has a 1 year low of $31.17 and a 1 year high of $49.59. The firm has a fifty day moving average price of $35.01 and a 200 day moving average price of $37.42. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.66.

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

General Mills Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Tuesday, October 13th were issued a dividend of $0.61 per share. The ex-dividend date of this dividend was Tuesday, October 13th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 6.7%. General Mills's dividend payout ratio is currently -146.99%.

Wall Street Analyst Weigh In

A number of research analysts have commented on GIS shares. Piper Sandler restated an "overweight" rating on shares of General Mills in a research note on Thursday, September 24th. Evercore set a $38.00 price target on General Mills in a research note on Monday, September 14th. Royal Bank Of Canada reiterated an "outperform" rating and set a $45.00 price target on shares of General Mills in a report on Monday, September 21st. TD Cowen lifted their price target on General Mills from $32.00 to $33.00 and gave the company a "hold" rating in a report on Thursday, September 24th. Finally, Zacks Research raised General Mills from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat.com, General Mills presently has an average rating of "Reduce" and a consensus target price of $36.59.

General Mills Company Profile

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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