General Mills, Inc. $GIS Shares Acquired by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its stake in General Mills by 20.9% in the fourth quarter, buying an additional 46,823 shares to bring its total holdings to 270,458 shares worth about $12.6 million.
• General Mills reported weaker-than-expected quarterly results, with EPS of $0.64 missing estimates and revenue of $4.44 billion also below consensus. Revenue fell 8.4% year over year.
• Wall Street sentiment remains cautious: several analysts cut price targets or ratings, and the stock currently carries a consensus rating of “Reduce” with a consensus target price of $39.39.

CIBC Asset Management Inc boosted its holdings in General Mills, Inc. (NYSE:GIS - Free Report) by 20.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 270,458 shares of the company's stock after purchasing an additional 46,823 shares during the quarter. CIBC Asset Management Inc owned approximately 0.05% of General Mills worth $12,576,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC acquired a new stake in General Mills during the 3rd quarter worth about $25,000. Bruce G. Allen Investments LLC raised its holdings in General Mills by 139.8% during the 4th quarter. Bruce G. Allen Investments LLC now owns 578 shares of the company's stock worth $27,000 after buying an additional 337 shares during the period. Close Asset Management Ltd acquired a new stake in General Mills during the 3rd quarter worth about $28,000. Activest Wealth Management raised its holdings in General Mills by 211.7% during the 4th quarter. Activest Wealth Management now owns 695 shares of the company's stock worth $32,000 after buying an additional 472 shares during the period. Finally, Binnacle Investments Inc raised its holdings in General Mills by 312.5% during the 3rd quarter. Binnacle Investments Inc now owns 660 shares of the company's stock worth $33,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 75.71% of the company's stock.

General Mills Price Performance

Shares of GIS stock opened at $33.18 on Friday. The stock's fifty day moving average is $34.81 and its 200-day moving average is $41.48. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.36 and a current ratio of 0.56. The stock has a market capitalization of $17.71 billion, a PE ratio of 8.11 and a beta of -0.03. General Mills, Inc. has a 52 week low of $31.75 and a 52 week high of $55.19.

General Mills (NYSE:GIS - Get Free Report) last posted its quarterly earnings results on Wednesday, March 18th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.09). The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.53 billion. General Mills had a net margin of 12.05% and a return on equity of 19.19%. General Mills's revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.12 EPS. Equities research analysts expect that General Mills, Inc. will post 3.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on GIS shares. Wells Fargo & Company cut their price objective on General Mills from $33.00 to $30.00 and set an "underweight" rating on the stock in a report on Monday, May 18th. Zacks Research cut General Mills from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. Sanford C. Bernstein cut General Mills from a "market perform" rating to an "underperform" rating and set a $31.00 target price on the stock. in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lowered their target price on General Mills from $38.00 to $32.00 and set a "hold" rating on the stock in a research note on Monday, March 30th. Finally, BTIG Research started coverage on General Mills in a research note on Monday, April 13th. They set a "neutral" rating on the stock. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $39.39.

Insider Activity

In other news, insider Ricardo Fernandez sold 7,995 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $34.50, for a total transaction of $275,827.50. Following the sale, the insider owned 62,283 shares of the company's stock, valued at $2,148,763.50. This trade represents a 11.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline Williams-Roll sold 10,000 shares of General Mills 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 completion of the sale, the insider directly owned 86,002 shares in the company, valued at approximately $2,947,288.54. This represents a 10.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.30% of the company's stock.

About General Mills

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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