KLP Kapitalforvaltning AS Acquires 64,900 Shares of General Mills, Inc. $GIS

Key Points

• KLP Kapitalforvaltning AS increased its stake in General Mills by 8.9%, buying an additional 64,900 shares to hold 797,318 shares (about 0.15% of the company) valued at roughly $37.08 million at quarter-end.
• Several analysts have trimmed price targets and ratings recently, and MarketBeat shows a consensus rating of Reduce with an average price target of $43.22 after downgrades from firms including Piper Sandler, Barclays, UBS and TD Cowen.
• General Mills missed quarterly estimates (EPS $0.64 vs. $0.73 expected) with revenue down 8.4% year-over-year, and announced a quarterly dividend of $0.61, implying an annualized yield of about 6.9%.

KLP Kapitalforvaltning AS increased its holdings in shares of General Mills, Inc. (NYSE:GIS - Free Report) by 8.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 797,318 shares of the company's stock after acquiring an additional 64,900 shares during the period. KLP Kapitalforvaltning AS owned about 0.15% of General Mills worth $37,075,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Austin Private Wealth LLC raised its position in General Mills by 5.0% during the 3rd quarter. Austin Private Wealth LLC now owns 4,442 shares of the company's stock valued at $224,000 after purchasing an additional 211 shares in the last quarter. Retirement Planning Co of New England Inc. raised its position in General Mills by 4.2% during the 3rd quarter. Retirement Planning Co of New England Inc. now owns 5,416 shares of the company's stock valued at $273,000 after purchasing an additional 219 shares in the last quarter. Smith Moore & CO. raised its position in General Mills by 2.6% during the 3rd quarter. Smith Moore & CO. now owns 8,785 shares of the company's stock valued at $443,000 after purchasing an additional 225 shares in the last quarter. Stonebridge Capital Advisors LLC raised its position in General Mills by 0.7% during the 2nd quarter. Stonebridge Capital Advisors LLC now owns 32,843 shares of the company's stock valued at $1,702,000 after purchasing an additional 226 shares in the last quarter. Finally, Tempus Wealth Planning LLC raised its position in General Mills by 5.7% during the 3rd quarter. Tempus Wealth Planning LLC now owns 4,297 shares of the company's stock valued at $217,000 after purchasing an additional 231 shares in the last quarter. 75.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GIS has been the subject of a number of research analyst reports. Piper Sandler decreased their target price on General Mills from $53.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 19th. Barclays decreased their target price on General Mills from $46.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, March 16th. UBS Group decreased their target price on General Mills from $40.00 to $35.00 and set a "sell" rating for the company in a research report on Thursday, March 19th. Weiss Ratings lowered General Mills from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, January 13th. Finally, TD Cowen decreased their target price on General Mills from $45.00 to $37.00 and set a "hold" rating for the company in a research report on Thursday, March 19th. Four equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, General Mills presently has an average rating of "Reduce" and a consensus price target of $43.22.

General Mills Trading Up 0.3%

Shares of NYSE:GIS opened at $35.17 on Thursday. General Mills, Inc. has a 12-month low of $34.04 and a 12-month high of $57.85. The business's fifty day simple moving average is $39.98 and its 200-day simple moving average is $44.40. The company has a market capitalization of $18.77 billion, a PE ratio of 8.60 and a beta of 0.01. The company has a current ratio of 0.56, a quick ratio of 0.36 and a debt-to-equity ratio of 1.17.

General Mills (NYSE:GIS - Get Free Report) last announced its quarterly earnings results on Wednesday, March 18th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.09). General Mills had a net margin of 12.05% and a return on equity of 19.19%. The company had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.53 billion. During the same quarter in the prior year, the business posted $1.12 earnings per share. The company's revenue was down 8.4% compared to the same quarter last year. As a group, equities research analysts predict that General Mills, Inc. will post 3.44 earnings per share for the current fiscal year.

General Mills Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Friday, April 10th will be issued a $0.61 dividend. The ex-dividend date is Friday, April 10th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 6.9%. General Mills's dividend payout ratio (DPR) is currently 59.66%.

General Mills Company Profile

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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