PNC Financial Services Group Inc. Decreases Holdings in General Mills, Inc. $GIS

Key Points

• PNC Financial Services Group cut its General Mills stake by 40.3% in the fourth quarter, leaving it with 1,003,290 shares valued at about $46.7 million.
• General Mills reported weaker-than-expected quarterly results, with EPS of $0.64 versus the $0.73 estimate and revenue of $4.44 billion versus the $4.53 billion forecast, while sales fell 8.4% year over year.
• Analysts remain cautious on GIS: several firms lowered price targets, and the stock currently carries an average rating of “Reduce” with an average target price of $42.44.

PNC Financial Services Group Inc. decreased its holdings in General Mills, Inc. (NYSE:GIS - Free Report) by 40.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,003,290 shares of the company's stock after selling 676,478 shares during the period. PNC Financial Services Group Inc. owned 0.19% of General Mills worth $46,653,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vermillion & White Wealth Management Group LLC bought a new stake in shares of General Mills in the 3rd quarter valued at approximately $25,000. Close Asset Management Ltd bought a new position in shares of General Mills during the 3rd quarter valued at approximately $28,000. Activest Wealth Management increased its position in shares of General Mills by 211.7% during the 4th quarter. Activest Wealth Management now owns 695 shares of the company's stock valued at $32,000 after purchasing an additional 472 shares during the last quarter. 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 valued at $33,000 after buying an additional 500 shares during the period. Finally, Quest 10 Wealth Builders Inc. lifted its position in General Mills by 190.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 737 shares of the company's stock worth $34,000 after buying an additional 483 shares during the last quarter. Hedge funds and other institutional investors own 75.71% of the company's stock.

General Mills Stock Performance

Shares of General Mills stock opened at $33.46 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 1.17. The stock's fifty day moving average is $35.88 and its two-hundred day moving average is $42.48. General Mills, Inc. has a 52 week low of $32.64 and a 52 week high of $55.19. The company has a market capitalization of $17.85 billion, a PE ratio of 8.18 and a beta of -0.02.

General Mills (NYSE:GIS - Get Free Report) last issued its 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). The company had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.53 billion. General Mills had a net margin of 12.05% and a return on equity of 19.19%. The firm's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.12 earnings per share. As a group, analysts expect that General Mills, Inc. will post 3.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on GIS. Stifel Nicolaus dropped their price objective on shares of General Mills from $44.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reduced their target price on shares of General Mills from $38.00 to $32.00 and set a "hold" rating on the stock in a research note on Monday, March 30th. Mizuho dropped their price target on shares of General Mills from $47.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, March 19th. Morgan Stanley cut their price target on shares of General Mills from $47.00 to $44.00 and set an "underweight" rating on the stock in a report on Wednesday, February 18th. Finally, UBS Group reduced their price objective on shares of General Mills from $40.00 to $35.00 and set a "sell" rating on the stock in a research report on Thursday, March 19th. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $42.44.

Insider Activity

In other news, 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 transaction of $342,700.00. Following the completion of the sale, the insider owned 86,002 shares of the company's stock, valued at approximately $2,947,288.54. The trade was a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ricardo Fernandez sold 7,995 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $34.50, for a total value of $275,827.50. Following the completion of the sale, the insider owned 62,283 shares of the company's stock, valued at $2,148,763.50. The trade was a 11.38% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.30% of the stock is owned by insiders.

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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