General Mills, Inc. $GIS Stock: Cyndeo Wealth Partners LLC Reduces Holdings

Key Points

• Cyndeo Wealth Partners cut its General Mills stake by 96.7% in the third quarter, selling 231,953 shares and retaining 7,835 shares valued at approximately $252,000. Institutional ownership remains high at 75.71%.
• General Mills exceeded quarterly earnings and revenue expectations, reporting EPS of $0.75 versus a $0.72 estimate and revenue of $4.39 billion, though revenue declined 2.8% year over year.
• The company declared a quarterly dividend of $0.61 per share, equivalent to an annualized $2.44 payout and a 7.5% yield. Analysts maintain a consensus “Reduce” rating with a $36.59 price target.

Cyndeo Wealth Partners LLC reduced its position in General Mills, Inc. (NYSE:GIS - Free Report) by 96.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,835 shares of the company's stock after selling 231,953 shares during the quarter. Cyndeo Wealth Partners LLC's holdings in General Mills were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Howard Capital Management LLC purchased a new stake in General Mills during the third quarter valued at about $5,978,000. Guyasuta Investment Advisors Inc. increased its stake in General Mills by 12.8% during the third quarter. Guyasuta Investment Advisors Inc. now owns 16,569 shares of the company's stock worth $533,000 after acquiring an additional 1,880 shares during the last quarter. Walser Wealth Management Company A Ltd Liability Co increased its stake in General Mills by 17.0% during the third quarter. Walser Wealth Management Company A Ltd Liability Co now owns 19,218 shares of the company's stock worth $618,000 after acquiring an additional 2,789 shares during the last quarter. V Square Quantitative Management LLC increased its stake in General Mills by 16.8% during the third quarter. V Square Quantitative Management LLC now owns 21,983 shares of the company's stock worth $707,000 after acquiring an additional 3,163 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of General Mills by 591.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 197,769 shares of the company's stock worth $6,360,000 after purchasing an additional 169,154 shares during the period. 75.71% of the stock is owned by hedge funds and other institutional investors.

General Mills Stock Performance

Shares of NYSE:GIS opened at $32.59 on Tuesday. The company has a market cap of $17.42 billion, a P/E ratio of 9.63, a PEG ratio of 1.80 and a beta of 0.03. 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 one year low of $31.17 and a one year high of $49.71. The business's 50-day simple moving average is $36.31 and its 200 day simple moving average is $35.63.

General Mills (NYSE:GIS - Get Free Report) last released its quarterly 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 positive return on equity of 21.86% and a negative net margin of 4.89%. The firm had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.35 billion. During the same period in the previous year, the company posted $0.86 EPS. General Mills's revenue for the quarter was down 2.8% on a year-over-year basis. 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 company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Tuesday, October 13th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $2.44 annualized dividend and a yield of 7.5%. General Mills's payout ratio is -146.99%.

Analyst Upgrades and Downgrades

GIS has been the topic of several research analyst reports. Wells Fargo & Company lifted their price objective on General Mills from $30.00 to $33.00 and gave the company an "underweight" rating in a research note on Thursday, July 2nd. Barclays boosted their target price on General Mills from $36.00 to $37.00 and gave the stock an "equal weight" rating in a report on Friday, September 25th. JPMorgan Chase & Co. increased their target price on shares of General Mills from $31.00 to $35.00 and gave the stock an "underweight" rating in a research report on Thursday, July 2nd. Sanford C. Bernstein restated an "underperform" rating and issued a $30.00 price target on shares of General Mills in a report on Thursday, September 24th. Finally, Bank of America restated a "neutral" rating on shares of General Mills in a report on Thursday, September 24th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target 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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