General Mills, Inc. $GIS Shares Bought by Cardinal Capital Management

Key Points

• Cardinal Capital Management increased its stake in General Mills by 5% in Q2, bringing its holdings to 131,477 shares valued at approximately $6.81 million.
• General Mills reported a net revenue decline of 6.8% year-over-year for the latest quarter, despite exceeding earnings estimates with $0.86 earnings per share.
• The company recently raised its quarterly dividend from $0.60 to $0.61, representing an annual yield of 4.9% and a payout ratio of 46.12%.

Cardinal Capital Management grew its position in shares of General Mills, Inc. (NYSE:GIS - Free Report) by 5.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 131,477 shares of the company's stock after acquiring an additional 6,243 shares during the quarter. Cardinal Capital Management's holdings in General Mills were worth $6,812,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Perkins Coie Trust Co lifted its holdings in General Mills by 69.2% in the first quarter. Perkins Coie Trust Co now owns 516 shares of the company's stock worth $31,000 after purchasing an additional 211 shares during the period. Garde Capital Inc. lifted its holdings in General Mills by 101.5% in the second quarter. Garde Capital Inc. now owns 524 shares of the company's stock worth $27,000 after purchasing an additional 264 shares during the period. Smallwood Wealth Investment Management LLC acquired a new stake in General Mills in the first quarter worth about $34,000. GKV Capital Management Co. Inc. acquired a new stake in General Mills in the first quarter worth about $34,000. Finally, Heck Capital Advisors LLC acquired a new stake in General Mills in the fourth quarter worth about $38,000. Institutional investors and hedge funds own 75.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GIS. Zacks Research raised shares of General Mills from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 2nd. Royal Bank Of Canada raised shares of General Mills from a "sector perform" rating to an "outperform" rating and reduced their price objective for the stock from $67.00 to $63.00 in a report on Thursday, June 26th. Morgan Stanley reduced their price objective on shares of General Mills from $49.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, September 15th. Wells Fargo & Company set a $53.00 price target on shares of General Mills and gave the company an "equal weight" rating in a report on Thursday, June 26th. Finally, Bank of America cut their price target on shares of General Mills from $63.00 to $61.00 and set a "buy" rating for the company in a report on Thursday, June 26th. Four investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, General Mills currently has an average rating of "Hold" and a consensus target price of $55.82.

General Mills Price Performance

Shares of GIS opened at $50.11 on Tuesday. The company has a market capitalization of $26.73 billion, a price-to-earnings ratio of 9.47, a P/E/G ratio of 1.27 and a beta of -0.02. General Mills, Inc. has a fifty-two week low of $48.29 and a fifty-two week high of $74.98. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.40. The business's 50-day moving average is $49.76 and its 200-day moving average is $53.62.

General Mills (NYSE:GIS - Get Free Report) last issued its earnings results on Wednesday, September 17th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.04. The company had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.52 billion. General Mills had a return on equity of 23.46% and a net margin of 15.24%.The firm's quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. Equities research analysts expect that General Mills, Inc. will post 4.36 EPS for the current fiscal year.

General Mills Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were issued a $0.61 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 4.9%. This is a positive change from General Mills's previous quarterly dividend of $0.60. General Mills's dividend payout ratio is currently 46.12%.

General Mills Company Profile

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.

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