Sheets Smith Wealth Management Has $1.33 Million Stock Holdings in General Mills, Inc. $GIS

Key Points

• Sheets Smith Wealth Management reduced its stake in General Mills, Inc. by 17.9%, owning 25,659 shares valued at approximately $1.33 million after selling 5,593 shares.
• Several hedge funds including Kera Capital Partners Inc. and Victory Capital Management Inc. have either acquired new stakes or increased their positions in General Mills, indicating ongoing institutional interest.
• General Mills reported $0.86 earnings per share for the last quarter, exceeding expectations, and had a revenue of $4.52 billion, although down 6.8% compared to the previous year.

Sheets Smith Wealth Management reduced its position in shares of General Mills, Inc. (NYSE:GIS - Free Report) by 17.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,659 shares of the company's stock after selling 5,593 shares during the period. Sheets Smith Wealth Management's holdings in General Mills were worth $1,329,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in GIS. Kera Capital Partners Inc. acquired a new stake in shares of General Mills during the second quarter worth $222,000. Victory Capital Management Inc. raised its stake in General Mills by 7.3% in the 1st quarter. Victory Capital Management Inc. now owns 522,576 shares of the company's stock worth $31,245,000 after purchasing an additional 35,494 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in General Mills by 7.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 452,844 shares of the company's stock worth $27,076,000 after purchasing an additional 32,628 shares in the last quarter. Rock Point Advisors LLC acquired a new stake in General Mills in the 1st quarter worth about $3,610,000. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its stake in General Mills by 126.1% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 774,134 shares of the company's stock worth $46,285,000 after purchasing an additional 431,693 shares in the last quarter. 75.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Bernstein Bank dropped their price target on shares of General Mills from $55.00 to $54.00 and set a "market perform" rating for the company in a research report on Thursday, September 18th. HSBC dropped their price objective on General Mills from $59.00 to $57.00 and set a "hold" rating for the company in a report on Thursday, September 18th. The Goldman Sachs Group downgraded General Mills from a "buy" rating to a "neutral" rating and dropped their price target for the company from $68.00 to $58.00 in a research note on Monday, June 9th. Stifel Nicolaus dropped their price target on General Mills from $65.00 to $56.00 and set a "buy" rating for the company in a research note on Thursday, June 26th. Finally, Zacks Research upgraded shares of General Mills from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 2nd. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, General Mills currently has an average rating of "Hold" and an average target price of $55.82.

General Mills Stock Up 0.9%

GIS stock opened at $50.53 on Wednesday. The stock has a market capitalization of $26.95 billion, a P/E ratio of 9.55, a price-to-earnings-growth ratio of 1.26 and a beta of -0.02. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28. General Mills, Inc. has a 12 month low of $48.29 and a 12 month high of $74.98. The firm has a 50-day moving average price of $49.77 and a 200-day moving average price of $53.60.

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

Insider Activity at General Mills

In related news, insider Jacqueline Williams-Roll sold 4,000 shares of the company's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $50.04, for a total value of $200,160.00. Following the sale, the insider directly owned 66,593 shares in the company, valued at $3,332,313.72. This represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.30% of the company's stock.

General Mills 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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