TD Asset Management Inc Cuts Stock Holdings in General Mills, Inc. $GIS

Key Points

• TD Asset Management cut its General Mills stake by 28% in the fourth quarter, selling 196,958 shares and leaving it with 506,919 shares worth about $23.6 million.
• Analyst sentiment remains cautious: several firms lowered price targets or ratings, and MarketBeat data shows an average rating of "Reduce" with a consensus target price of $39.39.
• General Mills recently reported weaker-than-expected earnings, with quarterly EPS of $0.64 versus estimates of $0.73 and revenue down 8.4% year over year; the stock was trading near $33.18.

TD Asset Management Inc reduced its stake in General Mills, Inc. (NYSE:GIS - Free Report) by 28.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 506,919 shares of the company's stock after selling 196,958 shares during the period. TD Asset Management Inc owned approximately 0.10% of General Mills worth $23,572,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LBP AM SA acquired a new stake in General Mills during the 4th quarter worth approximately $2,639,000. Oak Thistle LLC acquired a new position in General Mills during the 4th quarter worth approximately $1,320,000. Robeco Institutional Asset Management B.V. raised its stake in shares of General Mills by 1,824.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 895,225 shares of the company's stock worth $41,628,000 after buying an additional 848,712 shares in the last quarter. Korea Investment CORP boosted its stake in shares of General Mills by 161.9% in the third quarter. Korea Investment CORP now owns 333,199 shares of the company's stock valued at $16,800,000 after buying an additional 205,981 shares in the last quarter. Finally, HF Advisory Group LLC boosted its stake in shares of General Mills by 550.2% in the fourth quarter. HF Advisory Group LLC now owns 79,156 shares of the company's stock valued at $3,681,000 after buying an additional 66,981 shares in the last quarter. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GIS shares. Wells Fargo & Company cut their price objective on General Mills from $33.00 to $30.00 and set an "underweight" rating for the company in a research report on Monday, May 18th. Zacks Research cut shares of General Mills from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. Royal Bank Of Canada reduced their price objective on shares of General Mills from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, March 19th. The Goldman Sachs Group reissued a "neutral" rating and set a $36.00 price objective on shares of General Mills in a report on Tuesday, June 2nd. Finally, Mizuho dropped their target price on shares of General Mills from $47.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday, March 19th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and seven have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $39.39.

Insider Buying and Selling

In other news, insider Ricardo Fernandez sold 7,995 shares of the firm'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 transaction of $275,827.50. Following the completion of the transaction, the insider directly owned 62,283 shares of the company's stock, valued at $2,148,763.50. This trade represents a 11.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline Williams-Roll sold 10,000 shares of General Mills stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $34.27, for a total value of $342,700.00. Following the transaction, the insider owned 86,002 shares of the company's stock, valued at $2,947,288.54. This represents a 10.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.30% of the company's stock.

General Mills Trading Up 0.1%

NYSE:GIS opened at $33.18 on Monday. The company has a market capitalization of $17.71 billion, a PE ratio of 8.11 and a beta of -0.03. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 1.17. General Mills, Inc. has a 52-week low of $31.75 and a 52-week high of $55.19. The stock has a fifty day simple moving average of $34.81 and a 200-day simple moving average of $41.44.

General Mills (NYSE:GIS - Get Free Report) last issued its quarterly earnings data on Wednesday, March 18th. The company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.09). The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.53 billion. General Mills had a net margin of 12.05% and a return on equity of 19.19%. General Mills's revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.12 earnings per share. On average, equities research analysts expect that General Mills, Inc. will post 3.43 earnings per share for the current fiscal year.

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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