Massachusetts Financial Services Co. MA Has $90.93 Million Stock Position in General Mills, Inc. $GIS

Key Points

• Massachusetts Financial Services reduced its stake in General Mills by 4.9% to 1,955,478 shares, worth approximately $90.93 million at the end of the quarter.
• General Mills missed quarterly EPS ($0.64 vs. $0.73 consensus) as revenue fell 8.4% year-over-year to $4.44 billion, prompting several analyst price-target cuts and a current consensus rating of "Reduce" with a $43.44 target.
• The company declared a quarterly dividend of $0.61 per share (annualized $2.44), implying a ~7.1% yield, with an ex-dividend date of April 10 and payment on May 1.

Massachusetts Financial Services Co. MA reduced its stake in General Mills, Inc. (NYSE:GIS - Free Report) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,955,478 shares of the company's stock after selling 100,459 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.37% of General Mills worth $90,930,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Marshall Wace LLP acquired a new stake in General Mills in the 2nd quarter worth about $9,188,000. Bank of Nova Scotia grew its position in shares of General Mills by 4.1% during the 2nd quarter. Bank of Nova Scotia now owns 65,118 shares of the company's stock worth $3,374,000 after purchasing an additional 2,552 shares in the last quarter. WINTON GROUP Ltd grew its position in shares of General Mills by 112.6% during the 2nd quarter. WINTON GROUP Ltd now owns 8,971 shares of the company's stock worth $465,000 after purchasing an additional 4,752 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of General Mills by 4.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 82,037 shares of the company's stock worth $4,250,000 after purchasing an additional 3,814 shares in the last quarter. Finally, Nebula Research & Development LLC grew its position in shares of General Mills by 334.2% during the 2nd quarter. Nebula Research & Development LLC now owns 19,542 shares of the company's stock worth $1,012,000 after purchasing an additional 15,041 shares in the last quarter. 75.71% of the stock is owned by institutional investors.

General Mills Stock Performance

Shares of General Mills stock opened at $34.58 on Tuesday. The company has a 50 day moving average of $41.81 and a 200-day moving average of $45.11. General Mills, Inc. has a 1-year low of $34.04 and a 1-year high of $59.21. The company has a current ratio of 0.56, a quick ratio of 0.36 and a debt-to-equity ratio of 1.17. The company has a market cap of $18.45 billion, a PE ratio of 8.45 and a beta of 0.01.

General Mills (NYSE:GIS - Get Free Report) last issued its quarterly earnings results on Wednesday, March 18th. The company reported $0.64 earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.09). General Mills had a return on equity of 19.19% and a net margin of 12.05%.The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same period last year, the company posted $1.12 EPS. The business's revenue was down 8.4% on a year-over-year basis. As a group, equities research analysts forecast that General Mills, Inc. will post 4.36 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 Friday, May 1st. Stockholders of record on Friday, April 10th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date of this dividend is Friday, April 10th. General Mills's dividend payout ratio is 59.66%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. The Goldman Sachs Group decreased their target price on shares of General Mills from $47.00 to $40.00 and set a "neutral" rating on the stock in a research report on Thursday, March 19th. Mizuho decreased their target price on shares of General Mills from $47.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, March 19th. Evercore set a $45.00 target price on shares of General Mills in a research report on Wednesday, February 18th. Piper Sandler decreased their target price on shares of General Mills from $53.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 19th. Finally, Weiss Ratings lowered shares of General Mills from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, January 13th. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, General Mills currently has an average rating of "Reduce" and a consensus target price of $43.44.

General Mills 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.